British retailer Marks & Spencer (M&S) plans to cut a further 7,000 jobs, dealing the latest blow to the country's beleaguered retail sector from the COVID-19 crisis. Last month, M&S shed 950 jobs as a part of store revamp. Its latest round of redundancies will impact central support centre, regional management and UK stores over the next three months. A significant proportion of the latest cuts would be through voluntary departures and early retirement.
The cuts add to thousands already announced by other major British retailers, including Boots, John Lewis [JLPLC.UL], Dixons Carphone and WH Smith. M&S’ group sales declined by 19.2 per cent year-on-year in the 19 weeks upto August 20 with clothing and home sales declining by 49.1 per cent. In the next eight weeks, the brand’s clothing and home sales declined further by 29.9 per cent.
