M&S to close two regular stores

One of two main stores Marks and Spencer plans to close is in Surrey, it has been announced.

The retailer said it would be shutting its Woking branch and Valley Park store in Croydon, south London, along with 25 food outlets nationally.

The closures will mean the loss of 780 jobs. Marks and Spencer is also planning to cut 450 head office jobs.

The firm revealed its total UK sales fell by almost 3.5% in the run-up to the Christmas period.

The retailer hopes its redundancy programme, store closures and pension cuts will reduce its annual running costs by between £175m and £200m.

Executive chairman, Sir Stewart Rose, said: "We are aware that the proposed changes set out above will be difficult for those members of staff impacted.

"But given that we expect challenging economic conditions to continue for at least the next 12 months we believe we are taking the right action to maintain the strength of our business."