Marks & Spencer confirms 1,200 job losses


Marks & Spencer confirms 1,200 job losses

Rebecca Thomson

Marks & Spencer confirmed today that it will be shutting 27 stores and shedding 1,200 jobs.

IT jobs could be at risk, with 450 jobs going at the company's head office as the retailer looks to cut costs. The redundancies will see a cut of about 15% in headcount at its head office.


Special Reports

Recession with live stock updates

Redundancy with interactive map


The retailer's UK sales in the four months to 27 December were down 3.4% compared to the previous quarter, despite 20% discount-days before Christmas and the company's biggest ever trading day on 23 December, when it netted more than £50m worth of sales.

As a result 27 stores will be closed, 25 of which are small Simply Food stores. Capital expenditure will be capped at £700m for 2008/09 and £400m for 2009/10.

Chief executive Stuart Rose said, "We are aware that the proposed changes set out above will be difficult for those members of staff impacted, but given that we expect challenging economic conditions to continue for at least the next 12 months we believe we are taking the right action to maintain the strength of our business."

Email Alerts

Register now to receive IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

COMMENTS powered by Disqus  //  Commenting policy