Marks & Spencer to reveal hundreds of job cuts
Marks & Spencer is expected to announced the first tranche of what could be thousands of redundancies this week, it has been reported.
Sky News cites sources saying that the retailer will serve notice of hundreds of redundancies this week, in a wider move that could affect thousands of jobs. Marks & Spencer has declined to comment on the speculation.
The retailer furloughed some 27,000 of its 78,000 workforce amid the COVID-19 crisis which forced it to close its clothing and home stores and departments. Its food halls were permitted to open during lockdown but it is understood not have received the same boom in sales as supermarkets, given is focus on more premium, convenience food, rather than household basics.
This latest report comes after M&S announced it would be carrying out plans, dubbed "Never the same again", to transform its business by reshaping its retail estate and increasing its digital capabilities.
It is the latest in a line of retailers to announced significant job cuts in light of the COVID-19 crisis, which has hit the fashion retail space harder than most. Over the weekend it was revealed that Ted Baker would be making 500 redundancies and an unspecified number of jobs would be cut at Harvey Nichols.
Prior to his Harrods announced it would be making 750 job cuts and John Lewis revealed that it would not be re-opening eight of its 50 stores post lockdown leading to the loss of 1,300 jobs.
Last week the British Fashion Council warned the Government that without further support the fashion industry stood to lose 240,000 direct jobs as a result of the COVID-19 crisis, which is set to slash its forecasted GDP contribution from £32bn to £26.2bn.