Question 1 b Marks and Spencer opened its first shop in China in 2008 but closed five smaller regional shops in 2015 to focus on Shanghai and its online business on the e-commerce websites Tmall and JD.com. The company plans to close 100 stores by 2022, accelerating a reorganisation that it says is "vital" for the retailer's future. Of the 100 stores, 21 have already been shut and M&S has now revealed the location of 14 further sites to close. The company intends to move a third of its sales online and plans to have fewer, larger clothing and homeware stores in better locations. In Nov. 2016, Marks and Spencer has confirmed it will close 30 UK stores and retreat from 10 countries as it embarks on a sweeping restructuring plan that will promote its successful food business ahead of its struggling clothing arm. In January 2018, the turnaround plan was introduced by the chief executive, Steve Rowe, including closing down 53 loss-making outlets overseas in markets including China, France and Belgium. REQUIRED b) Given the complexity of Mark and Spencer downsizing program, discuss how the concept of agency theory can be used to explain the relationships that exist between the managers of a listed company and the providers of its shareholders. (150 words) (4 marks) c) Critically evaluate any potential impacts that Bigwig Plc need to be aware when they hear the announcement of Mark and Spencer downsizing program? (150 words) (4 marks)