Microsoft Eyes Legal Action as Amazon-OpenAI Deal Threatens Azure Exclusivity 
HSBC Considers Cutting 20,000 Jobs Amid AI-Driven Transformation 
Virgin Australia Adjusts Fares Amid Rising Aviation Costs and Middle East Tensions 
Iran War Fears Send Oil Prices Surging as U.S. Weighs Ground Troop Deployment 
Xiaomi Shares Drop After SU7 Launch as Margin Concerns Weigh on Investors 
U.S. Markets Post Fourth Straight Weekly Loss Amid Middle East Escalation 
Goldman Sachs Delays Bank of England Rate Cut Forecast Amid Middle East Inflation Risks 
Tesla Eyes $2.9 Billion in Chinese Solar Equipment to Power 100 GW U.S. Manufacturing Push 
EA's $15B Debt Offering Draws $25B in Investor Demand Amid Credit Market Turmoil 
Saudi Arabia Warns Oil Prices Could Surge Past $180 a Barrel Amid U.S.-Israel-Iran Conflict 
Elliott Investment Management Takes Activist Stake in Align Technology 
Federal Reserve Crisis: DOJ Standoff Threatens Powell's Succession and Rate Stability 
Trump Issues 48-Hour Ultimatum to Iran Over Strait of Hormuz, Threatens Power Grid Strikes 
U.S. Stock Futures Steady as Wall Street Retreats on Oil Volatility and Fed Rate Outlook 
Japan's Parliament Backs Dovish BOJ Board Members, Raising Questions on Rate Hike Path 
FEMSA Cuts Jobs at Spin Fintech Unit, Refocuses Strategy on Oxxo Stores 
US-Iran War: Trump Eyes Military Exit as Markets React to Potential De-escalation 
Marks & Spencer, a British retail company headquartered in London, announced the shutdown of its 11 franchise stores in France. The affected shop outlets are being operated by SFH, one of the company’s international franchise partners that is headquartered in Paris.
The Marks & Spencer stores will all close by the end of this year. The company cited supply chain issues that were triggered by Brexit as the reason for the decision. They said the withdrawal of the United Kingdom from the European Union made it almost impossible for M&S to maintain standards of food supply, as per BBC News.
"M&S has a long history of serving customers in France and this is not a decision we or our partner SFH have taken lightly," the retail firm’s managing director of international, Paul Friston, said in a statement. "However, as things stand today, the supply chain complexities in place following the UK's exit from the European Union now make it near impossible for us to serve fresh and chilled products to customers to the high standards they expect, resulting in an ongoing impact to the performance of our business.”
Friston added that since they can’t find any workable alternative for the shops in the High Street location, the company executives agreed with SFH in the decision to cease operations in 11 franchised outlets. Then again, it was noted that nine French stores that are operated with Lagardere Travel Retail will keep the business going. In addition, the online operation in France will also continue to sell clothing and home products.
According to Reuters, the nine stores will remain open, and M&S and Lagardere Travel will work on a sustainable future business model. Meanwhile, the company further revealed that their trouble started a while ago.
For months now, it said that it has been struggling to deliver goods to Ireland and France because the United Kingdom has officially left the EU single market earlier this year. Marks & Spencer said that there is now a huge amount of paperwork to fulfill requirements for the deliveries but it was not easy. As a result, they were not able to deliver their goods and this negatively affected the company.
