M&S to cut 950 jobs
Marks and Spencer (M&S) has announced it will cut 950 jobs in a bid to restructure its business in the wake of the Covid-19 crisis.
The high street retailer announced it plans to “accelerate the pace and scale” in a statement released today (20 July), adding that it aimed to make “three years’ progress in one” through the proposed restructuring.
M&S said it is now proposing to implement a raft of changes and create a new retail management structure that is “fit for the future”, removing role duplication, providing clearer leadership accountabilities and freeing up its retail teams to “focus more on the customer”.
Sacha Berendji, director of retail, operations and property at M&S said: “Our proposals reflect an important next step in our Never the Same Again programme to accelerate our transformation and become a stronger, leaner and more resilient business.
“Through the crisis we have seen how we can work faster and more flexibly by empowering store teams and it’s essential that we embed that way of working. Our priority now is to support all those affected through the consultation process and beyond.”
Plans of the proposed cuts were first revealed yesterday (19 July).
Sky News initially announced that the group was set to unveil the first phase of its restructuring plan, adding that “hundreds” of jobs could be at risk through a series of “substantive” cost cutting measures.
Earlier this year, CEO Steve Rowe confirmed the group was looking to “accelerate” its restructuring over the coming months, as part of its ‘Never the same again’ plan that was unveiled last May.
