Troubled retailer Marks & Spencer has fallen off the FTSE 100 for the first time after its share price continued to fall on Tuesday.
The value of its shares has fallen by as much as 40% this year, leading to it falling below the threshold required to be placed on the FTSE 100.
Marks & Spencer had always been on the index of the UK’s 100 most valuable companies since it was created in 1984.
While M&S’ clothing business has struggled for several years, its food business has given it hope. But, even that is showing signs of weakness.
Speaking to the BBC, retail expert Richard Hyman, said: “Symbolically, falling out of the FTSE is just another milestone in the slow-but-steady decline of what used to be a great British institution.”
Marks & Spencer became the first British retailer to report a pre-tax profit of £1 billion in 1998, but it has now seen its market value fall by more than half to £3.7bn since 2015.