Marks and Spencer (M&S), the British multinational retailer, will be announcing hundreds of job cuts in the coming week. This is a part of company’s restructuring process that could affect many employees.
“We don’t comment on speculation and, if and when we have an announcement to make, our colleagues will be the first to know,” an M&S spokeswoman said.
The retailer mentioned it was already in the middle of a new plan to restructure the business before pandemic, considering the head counts, cost cuts and store closure. It has furloughed around 7,000 employees and has plans to close around 100-120 stores.
With this M&S has become the latest retailer to join firms like John Lewis and Ted Baker in announcing the job cut plan.
Also Read: Ted Baker to axe 500 jobs!
British retail faces more than 5,000 job cuts as retailers warned that the change in customer buying behaviour is likely to stay even after the pandemic due to the country’s struggling economy.
The outbreak of COVID-19 has caused huge disruption to the fashion retailers that were already battling high rents, businesses rate taxes and online shift, among others.