Marks & Spencer to slash jobs

M&S cutting jobs following worst Christmas in 80 years

Marks & Spencer is expected to cut more than 1000 jobs, following its worst Christmas trading in 80 years.

The Daily Mail reports today that the high street giant will axe positions across its stores, as well as several hundred jobs in its head office, and that an official announcement will be made tomorrow.

The retailer was reportedly hit hard by slow Christmas trading, with city analysts estimating that its clothes purchases were down 8% on last year, and food sales down by 10%.

The news comes as a number of other retailers have reported declines over the festive period, including both Debenhams and Next.

Next saw its sales fall by 7% between July and December, while Debenhams saw a 3.3% drop in like-for-like sales over the three-month lead up to Christmas.

Principles, Oasis, Karen Millen and Warehouse are all also facing uncertain futures, after parent company Mosaic has called in financial administrators Deloitte to conduct an emergency restructure.

The benefactors of the high street’s decline is thought to be the supermarkets, such a Sainsbury’s, which analysts estimate have profited over Christmas.

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