M&S abandons plans to sell US food business Kings

MARKS & SPENCER yesterday cancelled plans to sell its North American supermarkets arm Kings after failing to attract the right price for the business.

The British retail giant first signalled in 2001 that it wanted to offload the 27-store chain as part of plans to focus on its core domestic market.

But M&S chief executive Roger Holmes said discussions to sell Kings, which generated turnover of £290.1 million in the year to March 31, were off.