Marks & Spencer

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In a slightly unusual move Marks & Spencer has decided to skip its usual trading update when it meets shareholders at its annual general meeting tomorrow.

The reason? It will be the first AGM under the retailer's new chairman, Archie Norman, who was parachuted in last year to lead a turnaround of the business and he apparently wants to take a more long-term view of the embattled business.

Clive Black, retail analyst at Shore Capital, said it was "relatively unusual" for a company not to update the market on trading at its AGM, but that there was no requirement for M&S to do so."

But Richard Hyman, an independent retail analyst, said: "If they had good news, they would probably want to share it."

The AGM is being held at Wembley Stadium at 11am on Tuesday 10 July.

The Marks & Spencer North East boss has reacted to the recent news of store closures.

Andrew Crooks called the decision to close shops in Darlington and Stockton "difficult" but hopes customers continue to shop with the brand.

Stockton's store will close on 11 August.

PA

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The boss of Marks & Spencer has summed up the challenges the High Street faces in the company's annual report out today.

Spelling out the threats to M&S from various quarters, he says the retailer is on a "burning platform" and "accelerated change is the only option".

There is no doubt in my mind that we face formidable headwinds and transformational changes are needed. The continued migration of clothing and home online, the further development of global competition, the growth of home delivery in food and the march of the discounters all amount to threats that are eroding our business and market position. These, together with a challenging UK consumer market, mean that we have a burning platform. Accelerated change is the only option. These threats are not new but the tide is running more strongly against us now than at any previous time.

Michelle from Darlington tells the Business Live page: "I live in Darlington and House of Fraser (Binns) has been at the top of High Row for as long I can remember.

"I love shopping here and when it goes, it will cripple the town centre and be a massive loss to the town it’s also just been announced that we are going to loose our M&S."