| UPDATED: 06:57, Wed, Feb 10, 2021
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Founded more than a century ago by Michael Marks and Thomas Spencer, the iconic brand made its reputation in the early 20th century for only selling British made goods under its “St Michael” label. In 1998, the company became the first British retailer to make a pre-tax profit of over £1billion, but just one year later those profits were halved. M&S currently has 959 stores across the UK, but 615 of those now only sell food products, after the company confirmed more than 100 clothing stores will have closed by 2022 as part of a new “radical” plan.