British retail giant Marks & Spencer (M&S) has announced to cut more than 300 jobs majorly related to store management roles. However, the latest job cut is not related to its plan to shut 100 stores in the country by 2022.
The company states that store closures are part of its transformation plan to modernise its UK store estate and better meet the changing needs of customers. The move is aimed to make savings in a brutally competitive market as the retailer witnessed decline in profit in two consecutive years and third (2018-19) is also expected to be unafavourable for the company.
The report has claimed that 351 people would lose their job after the new development which has been described as tough and but necessary in order to ensure that its stores support the future of the business and provide the best service to its customers.
The retail brand also cut 525 jobs from its London head office in 2016.
M&S, which currently operates 1,025 stores across the UK with 302 clothing, home and food stores; 684 food-only shops; and 39 outlets.
