Marks & Spencer explored a radical plan to split into two separate businesses before concluding that the move would not generate value for shareholders.
The high street bellwether’s board is said to have believed that a separation of the food and clothing businesses was feasible, but then decided that the struggling general merchandise division would not attract investors as a standalone entity.
Chief executive Steve Rowe, an M&S lifer, began examining a possible break-up with the board after being promoted to the top job in 2016.
The Times today also said that the retailer is expected to report another fall in food and clothing sales in its results this week, but will tell the City its restructuring plan is still on track.
