Savings and Pounds 2.3bn Pay-Out in Rose Masterplan to Rout Green
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Summary
Marks and Spencer yesterday unveiled its masterplan for defeating a potential pounds 9.1bn offer from tycoon Philip Green - with a pledge to return to its retail roots.
M&S will sell its financial services division to help fund a pounds 2.3bn payout for shareholders, while generating annual savings of pounds 320m within three years.See the full content of this document
Extract
Savings and Pounds 2.3bn Pay-Out in Rose Masterplan to Rout Green
Property has been revalued at pounds 3.6bn and the group will acquire the Per Una fashion brand as it seeks to revive like-for- like sales, which fell 2.8% in the 14 weeks to July 10.
The review by new chief executive Stuart Rose found the business had become too complicated, with stores cluttered with too many different lines.Mr Ros...See the full content of this document
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