Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

M&S to Cut 7,000 Jobs in Latest Blow to Retail Sector

The British retailer's latest round of redundancies will impact its central support centre, regional management and UK stores.
Marks & Spencer Store | Source: Shutterstock
By
  • Reuters

LONDON, United Kingdom — British retailer Marks & Spencer said on Tuesday it plans to cut a further 7,000 jobs, dealing the latest blow to the country's beleaguered retail sector from the Covid-19 crisis.

M&S said last month it would shed 950 jobs as part of a store management revamp. Its latest round of redundancies will impact its central support centre, regional management and UK stores over the next three months.

The cuts add to thousands already announced by other major British retailers, including Boots, John Lewis [JLPLC.UL], Dixons Carphone and WH Smith.

M&S said it expected a significant proportion of the latest cuts would be through voluntary departures and early retirement.

ADVERTISEMENT

"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," said Chief Executive Steve Rowe.

M&S said group sales were down 19.2 percent year-on-year in the 19 weeks to August 20, which included part of Britain's lockdown period, with clothing and home sales down 49.1 percent and food sales down 1.1 percent.

In the latter eight weeks of the period clothing and home sales were down 29.9 percent, while food sales were up 2.5 percent.

By James Davey; editor: Sarah Young.

In This Article

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

Why Esprit’s Ambitious Rebrand Fell Short

The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.


How Adidas Sambas Took Over the World

The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
The Business of Beauty Global Awards - Deadline 30 April 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
The Business of Beauty Global Awards - Deadline 30 April 2024