Beleaguered retail sector Britain’s M&S to cut 7,000 jobs

LONDON:

Marks & Spencer will cut a further 7,000 jobs, it said on Tuesday, as the Covid-19 crisis deals another blow to Britain’s beleaguered retail sector. “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-Covid sales mix will settle, we must act now to reflect this change,” M&S said. Clothing and home trading in its stores remained well below last year, though online and home delivery was strong, said the retailer, which has a UK workforce of about 78,000. The 136-year-old M&S is seeking to reinvent itself after decades of failed attempts. In May, it said the crisis would indelibly change its business and that it would accelerate its turnaround plan.

Published in The Express Tribune, August 19^th, 2020.

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