French M&S has new owner, say sources

Galeries Lafayette is thought to be the new owner of Marks & Spencer's (M&S) French stores.

Union sources say M&S staff will be told the name of the buyer at a meeting this afternoon.

Galeries Lafayette said it has called a staff information meeting for the same time.

This has prompted speculation the department store chain has snapped up all 18 of M&S's French stores.

In August M&S said it would prefer to sell its 18 stores in France to a single group that would re-employ all the staff.

PA