FILE PHOTO: Shoppers walk past a branch of Marks and Spencer in Altrincham, BritainMore
By James Davey
LONDON (Reuters) – British retailer Marks & Spencer launched a clothing sale on Thursday to help clear stock built up in the coronavirus lockdown, tapping into widespread public support for health workers by giving some proceeds to NHS charities.
With Britain having been in lockdown since March 23, the country’s store-based clothing retailers are sitting on hundreds of millions of pounds of spring and summer stock, which they are now looking to unload as the restrictions start to ease.
Last month Primark booked a 284 million pound ($347 million) charge to reflect an expected lower value of stock when its stores reopen.
M&S, Britain’s biggest clothing retailer by sales, said it