02/04/2004

Marks & Spencer poised to axe 1,000 jobs

Under restructuring plans announced on Friday, Marks & Spencer is to axe around 1,000 jobs following a review of head office operations and the financial services division.

The company said the decision formed a "major part of Marks & Spencer's ongoing plan to accelerate business transformation".

It is feared that 500 jobs may be shed in the forthcoming financial year, and that a further 500 may be lost in the following financial year, cutting the 5,000 head office and financial services staff by around a fifth.

Marks and Spencer said that the jobs would be as a result of "technological enablement and outsourcing" that will see the company aim to save around £25 million during the initial redundancy phase.

Roger Holmes, Chief Executive, Marks & Spencer, said: "This is an integral part of our plan to kick-start the next stage in the transformation of the business. It is also an important step in creating a more efficient organisation and serving our customers better. We recognise this will be a challenging time for our people and we will do our best to support them through this period."

Among the locations hit by the restructuring will be Head Office locations at Baker Street; Stockley Park; Salford Quays, Manchester and the financial services division in Chester.

It is not thought that the retail and customer services staff will be hit by the cutbacks.

(SP/MB)

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