Menu
07/01/2009
M&S Announces Store Closures And Job Cuts
High street chain Marks and Spencer has announced plans to shut down 25 of its Simply Food stores and two of its smaller stores, after reporting one of its worst Christmas trading performances on record.
As a result of the closures, 780 jobs are set to go, with a further 450 planned to be axed at the company's head office.
M&S's Christmas trading statement revealed a drop in like-for-like sales of 7.1%, with an 8.9% decline in general merchandise - including clothing - and a 5.2% decrease in food trade.
The cost-saving scheme will also include plans to cap increases in staff's pensionable pay to 1% per year, reducing the liabilities of its final salary pension scheme.
M&S boss Sir Stuart Rose said: "We are aware that the proposed changes set out above will be difficult for those members of stuff impacted.
"But given that we expect challenging economic conditions to continue for at least the next 12 months we believe we are taking the right action to maintain the strength of our business."
However, on a more positive note, the retail giant maintained a market share in the clothing business, with a particular emphasis on the sales of lingerie and children’s clothing, while on 23 December M&S food sales sold a record of £50m.
Unions said they were shocked by the news of the 1,230 job cuts.
John Gorle, national officer of Usdaw said: "We want to talk to the company to get an understanding of the business case that has underpinned this decision.
"We are shocked at the severity of the cuts and we were not anticipating store closures. Our members will now be extremely worried."
Marks and Spencer employs around 70,000 staff in the UK and 75,000 in total, and has 661 stores throughout the UK, including Simply Food and franchise outlets.
(JM/KMcA)
As a result of the closures, 780 jobs are set to go, with a further 450 planned to be axed at the company's head office.
M&S's Christmas trading statement revealed a drop in like-for-like sales of 7.1%, with an 8.9% decline in general merchandise - including clothing - and a 5.2% decrease in food trade.
The cost-saving scheme will also include plans to cap increases in staff's pensionable pay to 1% per year, reducing the liabilities of its final salary pension scheme.
M&S boss Sir Stuart Rose said: "We are aware that the proposed changes set out above will be difficult for those members of stuff impacted.
"But given that we expect challenging economic conditions to continue for at least the next 12 months we believe we are taking the right action to maintain the strength of our business."
However, on a more positive note, the retail giant maintained a market share in the clothing business, with a particular emphasis on the sales of lingerie and children’s clothing, while on 23 December M&S food sales sold a record of £50m.
Unions said they were shocked by the news of the 1,230 job cuts.
John Gorle, national officer of Usdaw said: "We want to talk to the company to get an understanding of the business case that has underpinned this decision.
"We are shocked at the severity of the cuts and we were not anticipating store closures. Our members will now be extremely worried."
Marks and Spencer employs around 70,000 staff in the UK and 75,000 in total, and has 661 stores throughout the UK, including Simply Food and franchise outlets.
(JM/KMcA)
Related UK National News Stories
Click here for the latest headlines.
09 January 2007
M&S 'recovery plan' on track
Mark's and Spencer has reported good trading figures in the important pre-Christmas period with like-for-like sales up 5.6%. The best performance was in general merchandise, sales were up 7.1%, and in food which was up 3.6%.
M&S 'recovery plan' on track
Mark's and Spencer has reported good trading figures in the important pre-Christmas period with like-for-like sales up 5.6%. The best performance was in general merchandise, sales were up 7.1%, and in food which was up 3.6%.
28 March 2008
School's Out For Junk Food
The School Food Trust is to set in motion measures that will curb school children binging on junk food. Currently in some parts of England, pupils have a choice of more than 40 fast food shops, with many targeting children with special lunch menus.
School's Out For Junk Food
The School Food Trust is to set in motion measures that will curb school children binging on junk food. Currently in some parts of England, pupils have a choice of more than 40 fast food shops, with many targeting children with special lunch menus.
06 January 2010
M&S Sales Down On Predictions
Festive sales at high street retailer Marks and Spencer have failed to instill confidence in investors. The company today reported a 0.8% growth in like for like sales - excluding store launches - during the three months proceeding Boxing Day.
M&S Sales Down On Predictions
Festive sales at high street retailer Marks and Spencer have failed to instill confidence in investors. The company today reported a 0.8% growth in like for like sales - excluding store launches - during the three months proceeding Boxing Day.
18 April 2008
Calls For Tougher Junk Food Advertising Laws
More than eighty percent of adults believe junk food advertising can make it difficult to feed children healthy food, a new survey has claimed. Consumer watchdog Which? Found 83% of consumers surveyed wanted the government to become more involved in controlling the marketing of unhealthy food to children. In total 2,000 people were questioned.
Calls For Tougher Junk Food Advertising Laws
More than eighty percent of adults believe junk food advertising can make it difficult to feed children healthy food, a new survey has claimed. Consumer watchdog Which? Found 83% of consumers surveyed wanted the government to become more involved in controlling the marketing of unhealthy food to children. In total 2,000 people were questioned.
25 October 2004
Tourists warned of risks of bringing food into the UK
The risks and controls prohibiting people bringing food into the UK from EU countries have been highlighted today as part of a public awareness campaign launched today. The current rules mean that it is illegal to bring meat and milk-based products for personal use back into the UK from outside the EU.
Tourists warned of risks of bringing food into the UK
The risks and controls prohibiting people bringing food into the UK from EU countries have been highlighted today as part of a public awareness campaign launched today. The current rules mean that it is illegal to bring meat and milk-based products for personal use back into the UK from outside the EU.
-
Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
