Marks & Spencer announced Friday (2 November) an agreement on the sale of its business in Spain to El Corte Inglés, S.A. This agreement includes all nine Marks & Spencer stores in Spain.

Employees currently working for Marks & Spencer in Spain will all be offered continuity of employment. The Spanish competition authorities have been notified of this proposed transaction.

Subject to consultation, Marks & Spencer will cease its commercial activities in Spain on 15th December 2001.

David Norgrove, Marks & Spencer International Director, said:

"We are pleased that we have reached an agreement with El Corte Inglés to acquire our stores in Spain and to offer jobs to our employees, which has been a priority objective."