Marks & Spencer takes its medicine
Turnaround guru Archie Norman is doing the right things at the upmarket retailer, but its problems run deep, writes Andrea Felsted
Archie Norman, the famed turnaround specialist who is now chairman of Marks & Spencer Group, is hoping for a textbook turnaround of Britain’s biggest clothing store by value.
He is certainly reading from the classic first page: last Wednesday, the company announced £514 million (€587 million) of one-time charges, more than halving pre-tax profit in
the year to March 31.
The company denied this was a kitchen sinking. Indeed, much of the write-downs ...
