leadf
logo-loader
viewMarks and Spencer Group PLC

Marks and Spencer to axe 950 as restructuring speeds up

The redundancy plans are expected to be revealed within days and could run into the thousands as the firm aims to accelerate restructuring plans

Marks and Spencer Group PLC - M&S to announce job cuts as pandemic dents demand

 

Marks and Spencer PLC (LON:MKS) has joined the growing list of retailers axing staff due to the coronavirus crisis.

Around 950 store management and head office posts are under threat it said, as it needed to step up the pace of its restructuring programme. 

Because of the pandemic, M&S wants to conclude its repositioning programme - called Never The Same Again - in one year instead of three. 

A spokesperson told the BBC the move marked "an important step" in it becoming a "stronger, leaner" business.

Cuts across the board

M&S’s plans are the latest in a number of firms across the UK economy that have announced mass job cuts in a bid to save cash and keep themselves afloat as the pandemic hits consumer demand hard.

Over the weekend, fashion chain Ted Baker PLC (LON:TED) unveiled plans to cut at least 500 jobs, over 25% of its workforce in the UK, to bolster itself against the fallout from the pandemic, which saw its revenues between January 26 and May 2 slump around 36% after the lockdown forced the closure of its stores.

READ: John Lewis, Boots and Rolls Royce unveil thousands of job cuts as firms swing the axe amid downturn

The new cuts also add to the 160 jobs that are already set to be axed as part of a restructuring of the company.

Other companies to have brought out the scissors include department store chain John Lewis, pharma chain Boots, Rolls Royce Holdings PLC (LON:RR.), Royal Mail PLC (LON:RMG) and British Gas owner Centrica PLC (LON:CNA).

Shares in M&S were 1.9% lower at 97p in lunchtime trading on Monday, while Ted Baker slumped 8.2% to 69.8p.

Quick facts: Marks and Spencer Group PLC

Price: 99.22 GBX

LSE:MKS
Market: LSE
Market Cap: £1.94 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Zanaga Iron Ore to benefit from 'China aggressively pushing to secure large...

Zanaga Iron Ore Company Limited's (LON:ZIOC) Andrew Trahar talks to Proactive London about the two key activities in its interim results which is that strategic investor discussions are taking place and the re-costing exercise is underway on the company’s big 30Mtpa project. Trahar also...

3 minutes ago

2 min read