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Merge 104.8 | 18 August 2020
British retailer Marks and Spencer is preparing to fire almost a tenth of its workforce, according to media reports.
Nearly 6,800 customer assistant store roles might be axed due to COVID-19’s impact on the retail business.
The Guardian reported that over the last eight weeks, in-store sales are down 47.9% compared with a year ago.
Online sales are strongly higher, up 39.2%, but that still leaves total sales 29.9% lower.
The retail giant is already axing 950 management jobs.
The Guardian said that the transformation plan, called Never the Same Again, is being stepped up after the disruption of lockdown measures when the M&S food arm stayed open but its clothing arm was hit hard.
An M&S spokesman said: “We don’t comment on speculation and, if and when we have an announcement to make, our colleagues will be first to know.”
M&S, under boss Steve Rowe, said previously that “significant” cost cutting was needed as its clothing and home arm was “severely constrained”.
