The retail giant currently employs 78,000 people
Marks & Spencer have revealed plans to cut 7,000 jobs across the UK. Over the next three months, roles across UK stores, central support and regional management are at risk of redundancy.
The news comes after Marks & Spencer revealed the financial impact of the ongoing Coronavirus pandemic.
In a statement, the company said:
“We expect a significant proportion will be through voluntary departures and early retirement. In line with our longstanding value of treating our people well, we will now begin an extensive programme of communication with colleagues.
“The streamlining programme is an important step in delivering on our cost savings programme and ensuring we emerge from the crisis with a lower cost base and a stronger more resilient business.”
Retail giant Marks & Spencer are set to cut 7,000 jobs. (Photo by Oli Scarff/Getty Images)The need to ‘streamline’ operations was echoed by Marks & Spencer chief executive, Steve Rowe. He said:
“In May we outlined our 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. Three months on and our Never the Same Again programme is progressing; albeit the outlook is uncertain and we remain cautious.
“As part of our Never The Same Again programme to embed the positive changes in ways of working through the crisis, we are today announcing proposals to further streamline store operations and management structures. 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.”
Marks & Spencer’s clothing line has been particularly hampered by the pandemic and subsequent lack of footfall in stores. Since April, revenue in the home and clothing department has fallen by as much as 50%.
While food, drink and online sales remained consistent throughout the lockdown months, overall sales have dropped by 19%, prompting the company’s hierarchy to act.
