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Marks & Spencer to Franchise HK Operation
British clothing and food retailer Marks & Spencer plc said Thursday that it plans to sell its Hong Kong subsidiary business to a franchise partner.
The company also announced in London Thursday that it will close all its stores in Europe and slash 4,390 jobs in a restructuring effort caused by the slide of the company's business over the past two years.
The company has not indicated any target sales price or identified any potential partners for the Hong Kong stores.
M&S will immediately begin to look for a franchise partner and will continue to keep the business before the partner is found, said a spokesman for the company.
The stores in Hong Kong are the only M&S operation in Asia still wholly owned by the parent company in Britain and selling it to a franchise partner can standardize its business practice in the region, said the spokesman.
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