The latest money news with Russell Lynch
Tesco to close 43 stores despite positive Christmas sales
Troubled supermarket Tesco has said it will close failing store across the UK.
Plans have been put forward to shut 43 stores – the majority of which will be local shops – as well as 49 larger stores.
Tesco will also make cuts of £250m, close its pension scheme and reduce overheads by 30 per cent.
This proposals come despite a better than expected Christmas.
Sales during the festive period were down by just 0.3 per cent on the year before.
Clothing sales fall at M&S during festive period
Unseasonal autumn weather has been blamed for a 14th consecutive quarterly drop in clothing sales at Marks and Spencer.
Like-for-like general merchandise sales, which are mainly clothing, fell by 5.8 per cent in the third quarter.
Online sales also fell by 5.9 per cent despite the store’s website getting an overhaul.
Trainline plans £500m stock market float
The train company has announced that it will be floating on the stock market today.
The company has the 5th largest website in the UK behind Ebay, Amazon, Tesco and Sainsbury’s.
The company has been valued at £500 million.