British Marks & Spencer plans to cut 7,000 jobs
UK High Street retailer Marks and Spencer announced Tuesday it is set to cut 7,000 jobs over the next 3 months as its clothing business hit hard by the coronavirus pandemic.
The retailer said strong online and home delivery was not enough to offset the fall in trading in the stores which remains well below last year.
STORE SALES SLIPPED NEARLY 50 PERCENT
"It is clear that there has been a material shift in trade and whilst it is too early to predict with precision where a new post coronavirus sales mix will settle, we must act now to reflect this change," it said in a statement.
The retail giant also noted that the lockdown taught working more flexibly and productively with more colleagues multi-tasking and transitioning between food and clothing and home.
"In the eight weeks to Aug. 8, a period during stores had reopened, clothing and home sales were down 29.9% with trends steadily improving," it said. "Store sales slipped 47.9%, while online sales continued to perform strongly, up 39.2%," it added.