Fashion

Marks & Spencer reportedly planning to cut hundreds of jobs this week


Marks & Spencer reportedly planning to cut hundreds of jobs this week

Marks & Spencer is reportedly planning to cut hundreds of jobs this
week as it looks to accelerate its restructuring.

It is part of a wider plan to reduce the British retailer’s workforce
by “several thousand”, Sky News reports. The company announced its ‘Never
the same again’ restructuring strategy during its quarterly results in May.
Part of that strategy included examining central support costs and headcount.

It is understood that the retailer will reveal the job cuts when it
announces the initial phase of this restructuring this week.

Marks & Spencer to accelerate restructuring

A spokesperson from Marks & Spencer said: “We don’t comment on speculation
and, if and when we have an announcement to make, our colleagues will be the
first to know.”

Marks & Spencer furloughed 27,000 of its 78,000 employees under the government’s
Coronavirus Job Retention Scheme. Thousands of them have now returned to work
though it is unclear exactly how many. It is also not yet known whether the
company will accept the government’s
Jobs Retention Bonus for those returning to work.

The company is the latest in a growing list of big-name British retailers
to announce redundancies in recent months as they attempt to mitigate the
financial impact of Covid-19 and months of lockdown.

Luxury label Ted Baker announced Monday plans to cut 500 jobs. Arcadia,
John Lewis, Debenhams and Harrods have also announced plans to cut jobs and
save costs as the industry slowly recovers from Covid-19.

Photo credit: Photo credit: Marks & Spencer



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