Sheffield business: Alarm as M&S announces plans to close 32 stores away from city centers UK News

The high street stalwart said earnings will stagnate in the coming year amid “increasing cost pressures and consumer uncertainty”, the Guardian reported.

A decision to leave Russia will cost £31m, while new EU tariffs and Brexit-related border costs cost £29.6m in profits and £15m in trade losses.

The retailer said it will move from multi-storey buildings to more modern sites on the outskirts of town with better access and parking.

The news will alarm shoppers and council bosses in Sheffield where M&S has a large store on Fargate.

The once upscale shopping street is now more than 40% empty.

But millions are pouring into the area to rejuvenate the buildings with new uses, including an events and cultural centre, offices and apartments.

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