Marks & Spencer will look to return £2.3 billion to shareholders under new proposals from chief executive Stuart Rose.
M&S also outlined plans to "focus on customers" to revive falling sales across the business.
The M&S financial services business will be sold to HSBC for £762m and the Per Una clothing business purchased from George Davis for £125m.
Last week, M&S dismissed Philip Green's higher offer of £9.1m saying it "significantly undervalued" the firm. However, today’s unveiling of the plans did little to boost M&S on the market - early morning trade saw shares in the firm were little changed, up 0.07 per cent to 368.25p, significantly below Green's 400p a share bid.
M&S aims to save a further £320m in the next three years by shutting down stores. The group's new Lifestyle concept store in Gateshead is first to go, and it will be followed by many of its smaller Simply Food Stores.
"Today's announcement sees us refocusing on our core retail activities with an emphasis on delivering great product for our 25 million customers," Rose said.
"The business has substantial further trading potential, which will be unlocked through a return to the core values of quality, value, service, innovation and trust."
He told the BBC that shareholders would make their decision after his presentation at the group's annual general meeting.
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