M&S 'to cut 500 jobs at head office'
Marks & Spencer is to cut around 500 jobs at its head office, according to reports.
The store is expected to make the job losses at its London office next week, Sky News said.
A spokeswoman for the company refused to confirm the reports, but said: "We said at our prelims results in May that organisation was an area of the business that needed further consideration and that we would update on this in the autumn.
"We would never comment on rumour and speculation and have nothing further to add."
It comes less than two months after the retail giant's chief executive branded the performance of its clothing and home arm "unacceptable" after like-for-like sales plummeted 8.9%.
Steve Rowe said that he would be changing the company's pay and pension scheme - cutting premium pay for Sundays.
But the move sparked outrage and 70,000 people signed a petition calling on the chain to scrap proposed pay cuts to offset the cost of the National Living Wage.
Marks & Spencer announced on Friday that staff would receive a 14.7% pay rise under an improved offer following the campaign against the company.
The retailer said customer assistants will receive £8.50 an hour - £9.65 in London - from next April, well above the Living Wage of £7.20 and the voluntary rate of £8.25, and £9.40 in the capital.
But premium payments for Sunday working will stop, and there will be one standard payment for Bank Holidays.