Marks & Spencer yesterday announced a proposal to sell its French company to Groupe Galeries Lafayette.

This proposal is subject to consultation with the staff of Marks & Spencer France.

All staff will be offered opportunities for jobs in Galeries Lafayette. The intention remains to cease trading in Marks & Spencer by the end of the year.

In Belgium we received no acceptable offer to acquire the Marks & Spencer company. The stores will therefore be sold as properties and all staff will be made redundant with compensation in accordance with a plan being agreed with them.

David Norgrove, international director, said :
"We are pleased that we have agreed a proposal with Galeries Lafayette to acquire the stores in France. This would offer an opportunity of a new job for all our staff, which in France, as elsewhere, has been a priority objective. In Belgium, regrettably, we received no offer which included all employees."