Marks & Spencer has decided to launch a major new downsizing campaign.
Marks & Spencer, one of Britain’s largest fashion retailers, has decided to conduct a significant new downsizing campaign. According to the company’s press service, about 7,000 employees will be fired.
Activity at Marks & Spencer, experiencing specific financial difficulties in recent years, maybe directly related to the crisis that followed the quarantine and closure of hundreds of stores in the spring months, both in the domestic market and globally. Shortly after the publication of the quarterly report, the company announced a plan to restructure its business and reduce about a thousand employees.
In its latest statement, Marks & Spencer points to a significant drop in sales and critical operational indicators, despite the stabilization in the online segment. The company indicated that it would act in line with the changing market conditions, as it is impossible to predict a new sales structure after the crisis.
It is known that thousands of employees will be dismissed from the company within the next three months. The cuts will concern both the head office of the retailer and ordinary employees of the stores. Over the past two years, M&S has closed more than 70 stores and announced plans to close another 100 retail facilities by the end of 2020.
By cutting 1,800 employees, the company expects to save up to $300 million a year.
The reason was the desire of large companies to reduce costs, as well as many bankruptcies.
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