Marks & Spencer Group Plc is embarking on job cuts at its 4,000-person head office that’ll likely number in the hundreds, the Sunday Times reported.
(Bloomberg) — Marks & Spencer Group Plc is embarking on job cuts at its 4,000-person head office that’ll likely number in the hundreds, the Sunday Times reported.
A spokesperson for the retailer told the newspaper that its figure was “simply inaccurate,” and didn’t immediately respond to a request for comment from Bloomberg.
M&S has been working through a turnaround after more than a decade of attempts to jumpstart the business. The biggest tasks are tackling the company’s expensive store portfolio, boosting online sales and staying competitive in clothing.
The retailer is also considering whether to give up the lease on its headquarters by London’s Paddington railway station when it comes up for renewal in 2028, the newspaper added.
When presenting its half-year results in November, M&S said it was targeting more than 150 million pounds ($170 million) in cost savings in the 2023-2024 financial year.
Read more: M&S Falls as Food Stores Knocked by Inflation and Margins Narrow
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.