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Last Marks & Spencer closes in Hungary

Retail

British retailer Marks & Spencer closed its last store in Hungary on Saturday, one day sooner than planned, as all the stock was sold out, according to online news portal napi.hu.

Marks & Spencer shop in Bekonscot. (Photo: Wikimedia Commons/Michael Maggs)

Marks & Spencer (M&S) planned to close its last store, located in Budapestʼs Duna Plaza, on Sunday, however since all the stock have been cleared prior to that, the company did not open the store at all that day. In their last newsletter, M&S informed its clients that it will no longer even have any office in Hungary, napi.hu reported.

The iconic British retailer began its final sale in Budapest early last week, with the last pieces being sold at 70-90% of the original price.

The company began its exit in November last year, as part of a large-scale cost reduction plan. The restructuring includes M&S stores in United Kingdom and ten other countries. A total of 60 stores will be closed, with expected cost cuts of  GBP 350 million.

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