Marks & Spencer announces plan to close 60 home and clothing stores

Marks and Spencer has announced they will close around 60 clothing and home stores over the next five years, after experiencing a slide in profits.

The chain released its half year results, revealing an 18.6% plunge in profits to £231.3 million.

Some 525 employees will lose their jobs, including around 400 in central London.

The chain will refocus its attention on food, with a plan to open 200 more Simply Food stories in the UK by 2019.

The chain also said it would refocus international business towards franchises to tackle losses of £45 million - and will be closing 53 stores in China, France, Belgium, Estonia, Hungary, Lithuania, the Netherlands, Poland, Romania and Slovakia.

Consultations are beginning with 2,100 employees whose jobs may be affected internationally.

Steve Rowe, CEO of Marks and Spencer, told Good Morning Britain "this is not the beginning of the end, it's the beginning of the beginning.

"What we're doing is reshaping our estate now to make it more relevant, more modern and more appropriate to how customers are shopping."

In a statement, Mr Rowe said the aim is to “build a sustainable business which will delight our customers, provide a robust foundation for future growth and deliver value for our shareholders in the long term."

He added: “These are tough decisions, but vital to building a future M&S that is simpler, more relevant, multi-channel and focused on delivering sustainable returns.”