Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

M&S to cut 351 store jobs

Published 16/07/2018, 16:32
Updated 16/07/2018, 16:40
© Reuters. FILE PHOTO: File photo of clothes on hangers in a Marks & Spencer store London

© Reuters. FILE PHOTO: File photo of clothes on hangers in a Marks & Spencer store London

LONDON (Reuters) - British retailer Marks & Spencer said on Monday it would cut 351 jobs at stores across the country, seeking to make savings in a brutally competitive market.

The job losses, first reported by The Guardian, will be mainly in various store management roles and are unrelated to M&S' programme to close 100 UK stores by 2022 which has already cost some jobs.

"M&S is transforming and this is a tough but necessary decision to take to ensure our stores support the future of the business and provide the best service for our customers," a spokeswoman for the retailer said.

M&S has reported two straight years of profit decline and analysts forecast a third when it reports 2018-19 results next May.

The retailer said in May that it was modernising rapidly to survive - a theme Chairman Archie Norman returned to at last week's annual shareholders' meeting when he said M&S "has a burning platform."

Shares in M&S were down 1.2 percent at 1524 GMT.

© Reuters. FILE PHOTO: File photo of clothes on hangers in a Marks & Spencer store London

In 2016 M&S cut a net 525 jobs from its London head office.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.