Iconic retailer Marks & Spencer yesterday became another casualty of the economic gloom which is spreading throughout the UK High Street after revealing it is set to axe more than 1,000 jobs.

The retail giant said 1,230 jobs across UK stores — including 37 in Northern Ireland — will go after it unveiled its worst sales figures for almost a decade.

Of the stores to close, 25 are under-performing Simply Food outlets, and two are small main chain stores selling both food and clothes.

A list of the 27 branches set to be axed was released yesterday.

The Newtownards Simply Food store, based in Ards Shopping Centre, is the only store in the province to be earmarked for closure at this time.

The announcement comes as the ailing High Street retailer revealed its like-for-like sales tumbling 7.1% in the 13 weeks to December 27 — its biggest sales collapse since July-September 1999 — despite heavy price-cutting in the run-up to Christmas.

M&S currently has 21 stores in Northern Ireland with around 2,700 employees.

Sir Stuart Rose, chairman of M&S, said: “We believe we have looked at every available option and opportunity to keep the Newtownards store open, but in this tough trading environment it is no longer commercially viable.

“We are very sadly putting forward this proposal to close the store and will listen carefully to any suggestions employees have for alternatives.

“We have a great team here and I would like to thank them for their commitment to the store and for their hard work delivering excellent service to our customers.

“If this proposed closure goes ahead, we hope our valued customers will continue to shop with M&S at one of our alternative stores such as Bangor or Belfast, which also offer a wide variety of quality M&S products.”

A period of consultation will start with the store’s 37 employees.

Sir Stuart added: “In the event of closure, employees will be offered appropriate help from M&S to find alternative employment in the local area.”

Strangford Alliance MLA Kieran McCarthy said the planned closure of the Marks and Spencer store in Newtownards will hit the town hard. He said: “This comes at a time when local people are facing severe financial difficulty, with living costs at a very high level.

“These revelations come following the recent loss of 29 other jobs in the town, with the closure of the local Woolworths store.”

He added: “It is a wake up call for the Department of Environment to make a positive decision on the Castlebawn planning application, which could provide a retail and employment boost.”

The warning signs for M&S appeared in December when the store held two discount days.

Mixed fortunes of M&S

High street stalwart Marks & Spencer has seen mixed fortunes over the years.

Here is a timeline of its ups and downs in the last decade.

1998 - Despite a drop in share price, Marks reports profits of £1.1 billion for 1997/98. This is the last time the figure will top £1 billion for a decade.

1999 - online shopping is made available for the first time. In February, Peter Salsbury replaces Richard Greenbury as chief executive. Under his leadership, plans are forged to shed 31 of the company’s top managers in a bid to save millions of pounds.

2000 - Marks sees another change at the helm as Luc Vandeveld becomes chairman and then in October replaces Mr Salsbury as chief executive. Autograph, its own range of designer wear for women, is unveiled to try to modernise the retailer’s image.

2001 - The chain cuts more than 3,000 jobs in Europe. Profits are down to £481 million.

2002 - Roger Holmes is appointed chief executive. Marks becomes the first retailer to only use free range eggs in all its food products.

2003 - New initiatives to lure in shoppers include the Limited Collection for Women and the &more combined loyalty and credit card.

2004 - In May, Stuart Rose is appointed chief executive as the chain fights off a takeover bid from Topshop rival Philip Green. Hopes are high that Rose can boost the firm’s performance.

2005 - It emerges in May that Marks & Spencer’s profits fell by nearly a fifth in 2004.

2006 - Former chief economic adviser and permanent secretary to the Treasury Lord (Terry) Burns becomes chairman.

2007 - In January, staff pocket a £56 million windfall after benefiting from a surge in the retailer’s share price.

Four months later the chain’s profits hit nearly £1 billion for the first time in 10 years. The boost, with profits up by more than a quarter on the previous year, is credited to high profile adverts featuring Twiggy and Mylene Klass.

In the same year the chain also moves to capitalise on greater environmental awareness with Plan A, its scheme to become more eco-friendly.

The plan is followed up with schoolwear made from recycled plastic bottles and three "eco-stores" in Bournemouth, Pollok and Galashiels. In 2008, a 5p charge for plastic bags is introduced.

2008 - Mr Rose becomes chairman and chief executive. In May it is announced that profits for the previous year topped £1 billion, but the success is marred because most staff will lose out on their bonuses after failing to reach targets.

Later in the year it is revealed that profits for 2008 slumped by 34% in the six months to September.

2009 - It is reported by The Times newspaper that Marks & Spencer will announce job cuts tomorrow. These include 1,000 shop floor positions and several hundred more support roles.