M&S checks out of US supermarket business
31/03/2006 - 08:53:01Marks & Spencer put the finishing touches to its restructuring today by selling US supermarkets business Kings for £35.4m (€51m).
The New Jersey-based chain, which operates 26 stores, was acquired by M&S in 1988 but is no longer seen as a core part of the business.
M&S came close to selling the business in 2002 but today agreed a deal with a US investor group including Bruce Weitz, a veteran of retail management.
Other recent changes at M&S have seen it dispose of its store card and financial services operation and close down its Lifestore venture.
M&S finance director Ian Dyson: “The disposal of Kings is the last part of our programme to refocus Marks & Spencer. Kings is a strong brand with a committed workforce, but it doesn’t fit within our core business.”
