M&S in talks to sell HK, Macau stores

LONDON: Marks & Spencer has opened talks to sell its wholly owned Hong Kong and Macau stores to franchise partner Al-Futtaim, the British company said on Wednesday.
The food and clothing retailer said it has begun talks on the potential sale of the stores, which Al-Futtaim would continue to operate under the M&S franchise. The talks are expected to take several months to complete.
The move follows a strategic review by M&S last November, in which the company laid out plans to shut more than 80 stores at home and abroad as well as seek joint ventures and franchise partnerships to operate in fewer wholly-owned markets. — Reuters