Commodities
WBA

Britain's M&S plans to cut 950 jobs in restructuring

Credit: REUTERS/HANNAH MCKAY

British clothing and food retailer Marks & Spencer said on Monday it planned to cut 950 jobs as part of a restructuring, dealing a further blow to a sector that has already seen thousands of redundancies during the COVID-19 crisis.

Adds detail

LONDON, July 20 (Reuters) - British clothing and food retailer Marks & Spencer MKS.Lsaid on Monday it planned to cut 950 jobs as part of a restructuring, dealing a further blow to a sector that has already seen thousands of redundancies during the COVID-19 crisis.

M&S said it had started a consultation with its employee representative group and had set out its intention to first offer voluntary redundancy to affected workers across central support functions, central operations and property and store management.

The cuts form part of M&S's plan to move to a "leaner, faster retail management structure," it said.

Britain's retailers, already struggling with high rents, business taxes, tight margins and online competition, were particularly hammered by the coronavirus lockdown.

Earlier this month health and beauty chain Boots WBA.O announced 4,000 job cuts, while department store chain John Lewis said it would likely shed 1,300.

(Reporting by James Davey; editing by William James and Paul Sandle)

((james.davey@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

WBA

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More