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In May 1998, Marks & Spencer (M&S) was the UK’s most profitable retailer. It reported profits of £2bn and its share price hit a record high of 664p per share. But in October of that year, M&S reported the first fall in profits since the start of the decade and, by the end of 1998, its share price had dropped by 32%. Two years later, the share price had fallen to less than 180p.
Bad news kept coming. Long term chairman Sir Richard Greenbury retired a year early in February 1999. His successor, Peter Salisbury, lasted only a year and a half. Perhaps the lowest point, at least in PR terms, came when 1,000 trade unionists from France, Spain and Belgium demonstrated outside the company’s flagship store in London’s Oxford Street over the proposed closure of stores on the continent. Worst of all, customers were turning their backs on products offered by M&S, a firm that had once been seen as a national institution. Some commentators doubted whether the company would survive. |