M&S just closed 7 stores, as part of its plan to close 100

Marks & Spencer closed seven stores over the weekend, with more closures expected as part of its five-year turnaround plan.

M&S closed stores in Falkirk, Kettering, Newmarket, Northampton, Stockton, Walsall and New Mersey, as well as its Simply Food outlet in London's Bayswater.

The ailing retailer is planning to close 100 stores as operating profit nose-dived in its latest financial year nearly two-thirds to 176.4 million pounds.

The company says its turnaround ambitions will be the biggest in UK retail history, with a key restructure to move a third of its sales online. The company further reported it will operate fewer stores, but in better locations as well as larger clothing and homeware stores.

M&S's latest annual report saw like for like sales in clothing down 1.9 percent. The company's chief executive Steve Rowe stated sales declined as a result of focusing on full-price product "but for the first time in five years we grew the number of customers shopping our clothing. Our ambition is to be the UK’s essential clothing retailer – famous for quality products that offer contemporary wearable style, at great prices. We will continue to sharpen our ranges, by providing better choices with fewer options and delivering more wardrobe essentials at the right price.”

M&S isn't the only high street retailer in trouble: last week House of Fraser went into administration and was purchased for 90 million pounds by Sports Direct owner Mike Ashley. Both retailers are facing stiff competition from online retailers, as well as discounters like Primark.

Photo credit; M&S AW28 press show, courtesy of M&S