M&S wants to move a third of its sales online and plans to have fewer, larger clothing and homeware stores in better locations.
The retailer had a total of 1,035 United Kingdom stores at the end of its 2017/2018 financial year.
Marks & Spencer (M&S), one of the best known names in United Kingdom retail, first said it would reduce the amount of store space devoted to clothing and homewares in 2016, shortly after company lifer Steve Rowe became chief executive.
Excluding the restructuring charge, the stores group's adjusted pre-tax profit was down 5.4% to £580.9mln from £613.8mln past year, weighed by a 140 basis points drop in the food gross margin as a result of a weaker pound pushing up input cost inflation. Actions taken under the plan include the sale and franchise of the firm's retail business in Hong Kong and Macau.
M&S says it must accelerate change or fade away
The retailer's troubled clothing arm saw like-for-like sales fall by 1.9 per cent in the year.
Shares in M&S were down 3 percent at 1017 GMT. M&S attributed this decline to the planned removal of two clearance sales and unseasonal trading conditions during the second half of the year.
"These, together with a challenging United Kingdom consumer market, mean that we have to modernise our business to ensure we are competitive and reignite our culture".
In a statement the British retailer said that prices will be slashed by an average of 24% with no compromise on the trusted, M&S quality and sourcing standards customers know and love.
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