M&S to close stores, cut back on clothing

By James Davey LONDON (Reuters) - Britain's Marks & Spencer plans to shut more than 80 stores at home and abroad at a cost of up to 550 million pounds as its new boss tries to revive the retailer by shifting its focus more towards food than fashion. M&S, whose shares have fallen 22 percent so far this year, reported a 19 percent slump in first-half profit on Tuesday and another decline in quarterly clothing sales. Steve Rowe, a company veteran who took over as CEO in April, has the task