Friday, October 30, 2020

Marks & Spencer to shed 7,000 jobs due to COVID-19

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London [UK]: Retailer Marks & Spencer said on Tuesday it will cut a further 7,000 jobs as the COVID-19 crisis cripples revenues across various segments.

“We are today embarking on a multi-level consultation programme which we anticipate will result in a reduction of about 7,000 roles over the next three months,” it said in a statement.

“These will include departures in the central support centre, regional management and UK stores, reflecting the fact that the change has been felt throughout the business.”

M&S said its total revenue was down 38.5 per cent in the last 13 weeks. In the eight weeks since store re-opening, total sales have been down 29.9 per cent with trends steadily improving.

In those eight weeks, store sales were down 47.9 per cent and online has continued to perform strongly up 39.2 per cent on last year.

“It is clear that there has been a material shift in trade and while it is too early to predict with precision where a new post COVID sales mix will settle, we must act now to reflect this change,” said M&S, which has a UK workforce of about 78,000.

Last month, M&S shed 950 store management jobs.

“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.

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