The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale In Non-Specialised Stores 47.19 - Other retail sale in non-specialised stores
7,000 jobs Number of planned job losses
Announcement Date
18 August 2020
Employment effect (start)
19 August 2020
Foreseen end date
30 November 2020
Description
Marks and Spencer, the UK-based multinational retailer specialising in clothing, home and food products, has announced that it will cut 7,000 jobs worldwide over the next three months (about 9% of the total workforce). On this total, 950 job cuts will affect head office jobs in London and store management jobs across the UK (950 jobs cut). According to management, these staff reductions will take place mainly on a voluntary basis or through early retirements. The clothing food and homewares retailer revealed the damage to trade that has been inflicted by the pandemic of COVID-19. Compared to last year's, sales of clothing and homewares made through its shops decreased by 48% in the past eight weeks. The chief executive said existing restructuring plans had been accelerated in the wake of the Covid-19 pandemic.
Eurofound (2020), Marks and Spencer, Internal restructuring in World, factsheet number 101522, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101522.
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