LONDON -- British retailer Marks & Spencer, which has successfully fought off a seven-week takeover attempt by the British retail tycoon Philip Green, has major plans in store for its food division.
It's holding on to Kings Super Markets, Parsippany, N.J., halting the rollout of certain stand-alone Simply Food stores, slashing some 500 products in its U.K. food stores, and reducing food waste, the company told analysts and investors last week.
"We have no immediate plans for Kings. It is a part of the business and will remain so," stated Stuart Rose, the newly appointed chief executive officer of M&S during his first official presentation of the group's strategies.
Two days after Rose's speech, Green gave up his battle. Now it's up to Rose to restore the shine to M&S.
The store is cutting out some 500 food lines. "Do we really need more than 20 types of tomatoes?" he questioned during his speech on Monday.
The rollout of stand-alone Simply Food stores will only go forward for units that can generate $5.55 million (3 million pounds) or more annually.