UK-based retailer Marks & Spencer (M&S) is set to close its chain in Taiwan following disappointing sales, according to a report in The Daily Telegraph.
The joint venture with Taiwanese retail group President Chain Store, in which M&S owned a 60 per cent partnership, is to end after just 14 months, with three outlets to shut 'within the next few weeks'. The 2,000m2 outlets are located in Taipei and Kaohsiung.
It will be the second time that the retailer has exited the country's market in seven years, after initially closing its Taiwan operation in 2001 before re-launching in 2007.
It represents a further blow to the company following a recent profit warning that knocked approximately 33 per cent off of the group's value.
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