Marks & Spencer has announced that it will be entering into consultation with its employees with regards to proposals to cut around 525 jobs at its UK head office, and reduce the number of roles across IT and Logistics permanently based in central London by around 400.
The retailer expects the savings to amount to around 1% of its UK cost base. There would be a non-underlying cost of around £15m, which includes the changes to the senior management team which have already taken place.
Steve Rowe, M&S CEO, says: “M&S has to become a simpler and more effective organisation if we are to deliver our plans to recover and grow our business.
“It is never easy to propose changes that impact on our people, but I believe that the proposals outlined today are absolutely necessary and will help us build a different type of M&S – one that can take bolder, pacier decisions, be more profitable and ultimately better serve our customers.
“We remain committed to investing in store staffing and improving our customer experience and therefore our store colleagues are not affected by this proposal."
