M&S have announced that 100 of its stores are to close by 2022 while luggage and handbags retailer Bags Etc has fallen into administration, with 350 jobs to be lost in the process.

The latest blow to one of the High Street’s major retailer comes at a time when many well known companies are seeking Compulsory Voluntary Arrangements (CVA’s) in a desperate attempt to save the outlets from going under, in a decade where the physical stores are under increasing threat from online shopping.

House of Fraser, New Look, Poundworld, Jaques Vert and Bargain Booze were among those going through difficult times as retail insolvencies rose 7% year-on-year.

In another announcement, which signals the trend towards online, Debenhams have reportedly begun to implement savage cuts to senior positions in a major shakeup of senior staff while appointing a new digital director.

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