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

Business

By Huw Hughes

20 Jul 2020

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.

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.”

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