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November 1, 2010

UK: Marks and Spencer “eyes European expansion”

UK-based retailer Marks and Spencer is reportedly looking to reacquire a number of the European properties it sold in 2001 when it exited Continental Europe.

UK-based retailer Marks and Spencer is reportedly looking to reacquire a number of the European properties it sold in 2001 when it exited Continental Europe.

According to reports in The Sunday Telegraph, the retailer has “made overtures” to Spanish chain El Corte Inglés about taking back some of the nine shops it sold to the retailer. M&S is also reportedly considering buying back some of the 18 French shops that were also let go in a deal with Galeries Lafayette.

In 2001, M&S announced it would close its 38 Continental stores as part of a group restructuring. The move saw 3,350 European jobs go.

An unnamed source told The Sunday Telegraph: “They approached El Corte Inglés to buy back the assets. Marc Bolland wants to rebuild some of the geographies quickly.”

M&S declined to comment on the reports.

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