Marks & Spencer to cut 7,000 jobs after Covid-19 hits sales – business live | Business
Marks & Spencer is to cut around 7,000 jobs over the next three months, in the latest round of redundancies at the retailer as it cuts costs and changes the business following the pandemic.
The job cuts will be in its central support centre, regional management, and its UK stores, adding to the swathe of job cuts announced by UK companies during the Covid-19 crisis.
M&S said it expects a “significant proportion” of the job losses will be made through voluntary redundancies or early retirement, and has begun consultations with staff.
The clothing, food and homeware retailer said what it called a “streamlining programme” was a important step in reducing its costs, and allowing it to emerge from the coronavirus crisis with a lower cost base and more resilient business.
Marks & Spencer’s chief executive Steve Rowe said the job cuts were part of its previously-announced plans to “learn from the crisis, accelerate our transformation and deliver a stronger, more agile business in a world in which some customer habits were changed forever plans”.
“The outlook is uncertain and we remain cautious,” Rowe said, “these proposals are an important step in becoming a leaner, faster business set up to serve changing customer needs and we are committed to supporting colleagues through this time.”