M&S to cut 300 jobs as it axes managers
The retailer has also been shutting stores and warehouses.
Marks and Spencer is cutting another 300 jobs as it seeks to reduce its costs.
The retailer is looking to axe a range of management roles throughout the business.
It is cutting store, commercial and operations managers – and is reducing the number of section managers.
There will also be job cuts for visual managers, who arrange product displays in stores.
A company spokesperson said: “M&S is transforming and this is a tough but necessary decision to take to ensure our stores support the future of the business and provide the best service for our customers.”
M&S has outlined plans to close 100 stores by 2022, and the executive team has not ruled out further closures beyond this. The business is looking to reduce its costs by £350 million by 2021.
At M&S’ annual general meeting, chairman Archie Norman described the retailer’s store estate as a “drag on performance”.
M&S has already announced that it is closing its warehouses in Warrington and Neasden, and chief executive Steve Rowe has said the future of the Donnington warehouse was under review.
M&S reported a 62.1% fall in pre-tax profit to £66.8 million in the year to March 31 as it was dragged down by £321.1 million in costs linked to store closures.