British retailer Marks & Spencer confirmed Friday that it will continue operations in the Philippines as it transitions to a new franchise partner.
On Monday, SSI Group—the current retailer of Marks & Spencer in the country—announced that all of the brand’s stores will close on May 2.
In a statement sent to journalists, a Marks & Spencer spokesperson said:
“After over 20 years of partnership with the SSI Group, we have made the decision to transition to a new franchise partner to support our ambitious growth plans in the region.”
“We remain committed to the Philippines and the growth opportunity in the region,” the statement added.
Marks & Spencer said it would share updates on its growth plans “in due course.”
Earlier this week, the Tantoco-led SSI Group said it is both prudent and necessary to “channel its energy and resources toward brands that reflect the current and future direction of the market.”