Marks and Spencer wants to come back to Spain

Marks and Spencer wants to come back to Spain: "Marks and Spencer is, according to the Sunday Telegraph and Sunday Times, looking to once again have a significant presence in the Spanish market and Expansión business newspaper reports today that one of the options they are considering is buying back the nine stores they sold to El Corte Inglés in 2001.

Reports indicate that they have already been in contact with El Corte Inglés regarding the properties in Madrid, Barcelona, Sevilla, Bilbao and Valencia.

A reported study carried out for M&S has indicated that it should strengthen its position in continental Europe, and reports also indicate it also wants back its French properties sold to Galeries Lafayette.

The cost of getting the stores back from El Corte Ingles has been estimated at 300 million €, double what M&S got for the leases in 2001.

M&S have declined to comment on the reports, but the CEO, Marc Bolland will be announcing a new strategic plan for the company on November 9."