M&S announces new job losses

07/01/2009

Over 1,000 jobs seem likely to be lost at high street retailer Marks & Spencer, thanks to the difficult financial climate.

The job cuts come in the wake of disappointing October-December figures from the firm, showing a drop of 7.1 per cent in sales over the 13-week period.

Both Next and Debenhams released their end-of-2008 results yesterday, also showing a decline in like-for-like sales.

The UK high street has been hit more generally by customers staying away from the shops due to their tightening budgets - and big pre-Christmas discount sales have also shrunk many retailers' profit margins.

Executive chairman Sir 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."

Marks & Spencer currently retains around 70,000 staff in the UK.

Tags; Retirement Money Problems, Job loss, Recent Graduate Debt, Young Family Finances,

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