Marks & Spencer to Shutter China Stores

(Beijing) – British retailing giant Marks & Spencer will shutter its 10 China stores and lay off more than 400 workers, becoming the latest in a growing list of major Western retailers like Best Buy and Tesco to pull out of the difficult market.

The move is part of a broader retrenchment that will see Marks & Spencer also close 30 stores in its British home market while opening 200 food-focused stores as part of a shift away from the competitive clothing business, its traditional strength.