M&S turns to suppliers for cash contributionsMonday, 21 November 2011
Marks & Spencer is facing a controversy with its suppliers,
in bid to secure financial support to refurbish its stores.
M&S chief executive Marc Bolland has asked suppliers for cash to help pay for its store refurbishment programme. The retailer has been forced to defend the request amid 'heated negotiations' with major suppliers. At least one is understood to have refused to pay and Financial Mail has learned that others are prepared to follow suit.
The High Street giant has asked suppliers to contribute 1.25 per cent of their annual sales to raise a sum in the 'low tens of millions'.