M&S To Change Refund Policy

Marks & Spencer is to abandon its 50-year-old 'easy refund' policy - risking the wrath of customers - in a struggle to cut costs after seeing off the GBP 9.1bn takeover bid from Philip Green. Stuart Rose, chief executive, is to end the company's long-standing policy of changing garments or giving refunds on goods regardless of when they were purchased. M&S traditionalists see it as part of the company's heritage, but it is regarded by competitors and industry experts as absurdly generous and open to abuse. M&S will now require goods to be returned for a refund within three months.