Marks & Spencer Expected to Close Paris Flagship

Marks & Spencer (London) is planning to close its flagship department store in Paris, reports Bloomberg. The closure is expected to be announced on Nov. 8 when its ceo, Steve Rowe, has a meeting with investors.

The move is said to be part of a restructuring plan, allowing the retailer to scale back operations so that it can later “spark a revival.” The company is also cutting about 525 corporate jobs and reducing premium pay for store staff’s non-regular work hours. This comes as its profits dropped 37 percent last year.

The Paris store is 15,000 square feet in size and was opened under the company’s former ceo in 2010.