M&S expected to announce more closures as it speeds up turnaround plan

London - Marks & Spencer is expected to announce additional store closures this week as part of its CEO Steve Rowe's ongoing turnaround plan for the British department store.

Following the appointment of Archie Norman, a turnaround specialist, as chairman of the board, M&S is believed to be preparing to take a more radical approach to its turnaround scheme which includes closing down more stores than previously announced, according to media reports from The Guardian and The Daily Telegraph.

Marks & Spencer may also cut its apparel prices, as Norman is said to believe M&S's clothing prices are too high and work on attracting a younger target audience, reported the Guardian. The reports come as Marks & Spencer is expected to announce a 10 percent decline in pre-tax profits in its half-year update later this week.

Rowe previously laid out the five-year turnaround plan for M&S, which included the closure of 30 of the 300 Marks & Spencer's full-line stores which offer the retailer's entire range last November. However, following the appointment of Norman this May, Rowe is believed to have been working on a more extreme turnaround scheme for the struggling high street giant together with Norman.

Photo: Courtesy of M&S