According to the Sunday Times, Marks & Spencer Group Plc is planning hundreds of job cuts at its 4,000-person headquarters.
In-house Layoffs at M&S
M&S has been working through a turn-around after a decade of attempts to restart the business, according to a spokesperson for the retailer. The most critical tasks are taking care of the company’s expensive store portfolio, increasing sales online, and remaining competitive in the clothing industry.
England’s flooding expansion is pressing overall revenues at Imprints. As the superior grocery store chain, Spencer Gathering Plc’s food division ingests a few expense increments to keep up with deals.
The company’s online joint venture with Ocado Group Plc reported a loss as demand reverted to in-store shopping. In contrast, the business, which has been the company’s growth engine in recent years, was confronted with 11% inflation in its cost of goods in the first half. The shares of Marks & Spencer dropped as much as 7%.
The newspaper added that the retailer is also considering terminating the lease on its headquarters near London’s Paddington railway station when it expires in 2028.
M&S stated that it aimed to save 150 million pounds ($170 million) in costs in the 2023-2024 fiscal year when it presented its half-year results in November.