Marks & Spencer: set to make 7000 redundancies

(CercleFinance.com) - Marks & Spencer announced on Tuesday that it intends to lay off about 7,000 of its staff over the next three months, mainly due to the difficulties encountered by its clothing and home equipment business.


The UK retailer - which says it wants to become a "more agile" and "faster" company - says most of the job cuts will take place in its support centre, regional offices and stores in the UK.

The decision follows the publication of quarterly sales of ready-to-wear and home furnishings that are well below last year's levels, the group said.

Over the past 13 weeks, sales in the Clothing & Home division fell by 38.5%, while sales at its Food division grew by 2.5%.

On Tuesday morning the M&S share was down over 4% on the London Stock Exchange following these announcements.


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