Given the impact of the Coronavirus, COVID-19 outbreak, one of the largest British retail clothing and food companies, Marks & Spencer has revealed plans to cut 7,000 jobs over the next three months across its stores and management.
In a statement by its Chief Executive, Steve Rowe, the company said it decided to announce proposals to further streamline its store operations and management structures.
According to Steve, the proposals are an important step in becoming a leaner, faster business set up to serve changing customer needs.
He added that the company expect a significant proportion of the streamlining to be through voluntary departures and early retirement adding that it would begin an extensive programme of communication with colleagues.
COVID-19: Marks & Spencer To Cut 7,000 Jobs
The retail clothing and food companies noted that the streamlining programme is an important step to emerge from the crisis with a lower cost base.
The CEO, Steve further stated that the three months on and the company Never the Same Again programme is progressing.
It was gathered that the total sales in the company’ clothing and home arm plunged 29.9% in the eight weeks since shops reopened with 19.2% overall group sales.