Marks and Spencer Shuttering 100 Stores

Marks and Spencer (London) announced that it will shut more than 100 of its stores around the world in order to cut costs. The company posted a loss in the first half of the fiscal year, which closed Oct. 1.

The company plans to close about 60 of its home and food stores in Britain over the next five years. While it is pulling back on offering its home and clothing stores, it does plan to increase the amount of Simply Food stores it operates.

It is also closing 53 of its international stores and shuttering all of its owned stores in nine foreign markets completely. No time frame was given for when the international stores will close. The countries it is pulling out of include Belgium, China, Estonia, Hungary, Lithuania, the Netherlands, Poland, Romania and Slovakia, reports Yahoo! Sports.