According to the latest news from England, Marks & Spencer’s UK stores still hold 145 million pounds of unsold stock products.
Brand managers explain this situation with the measures taken against the pandemic and pandemic. According to officials, this year has been a “lost year” for retail.
According to Steve Rowe, the CEO of M & S, there is a “mountain-piled” stock of products in his stores and warehouses, only because of the pandemic measures taken against the pandemic, such as the closure of the stores.
Brand management has started a “rainbow sale” discount campaign with 50 percent discount in order to melt the stocks of the products.
It is stated that the UK sales of M&S remained 75 percent lower in the June-July period compared to the same period of the previous year. It was previously announced that the brand management decided to restructure and will reduce personnel due to declining sales, turnover and profitability.