Thorny times

This year could become an annus horribilis for Stuart Rose, Marks & Spencer’s executive chairman. It is not just that the UK’s iconic clothes and food retail chain will probably report its worst Christmas trading figures in a decade this week. M&S faces strategic and financial challenges, and Rose is already unpopular with some investors. Fortunately, he still has some cards to play. Only 18 months ago, Rose was being feted as the chain’s saviour for his successful cost and supply chain restruct...