Marks & & Spencer is to cut 950 jobs in a store management shake-up marking the preliminary stage of a significant improvement program.
It comes a day after Sky News first exposed that M&S was to start setting out redundancy strategies today – signing up with the likes of John Lewis and Boots in taking the axe to its labor force in the wake of the coronavirus crisis.
The restructuring revealed on Monday forms the preliminary stage of Marks & & Spencer’s “never the same again” program – released previously this year – which sources have actually stated will ultimately see thousands of jobs lost.
M&S had actually currently been looking to make changes prior to the crisis as it looked for to reverse its fortunes, and now states it is utilizing “the lessons of the COVID-19 crisis” to “accelerate the pace and ambition of its transformation plan”.
Monday’s statement repeated the seller’s cautions about the obstacles it deals with.
“The aftershocks of the crisis will endure for the next year and beyond and whilst some consumer habits will return to normal, other have been changed forever,” the business stated.
“The trend towards digital has been accelerated and changes to the shape of the high street have been brought forward.”