Marks & Spencer is due to reveal a dramatic drop in like-for-like sales this week.
Sales at the high street retailer are expected to fall by more than six per cent, the Guardian reported, and the firm is on track to lose a third of its year-end profits.
Chairman and chief executive Sir Stuart Rose is set to take the flak from the results, with some analysts suggesting he may have to leave the firm earlier than 2011, when he is scheduled to leave - unless there is an improvement in performance.
M&S’s bank loans, which stand close to £3 billion, are catching up with the value of its freehold properties, leading to increased criticism of the retailer in the city.
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