It is now the turn of high street giant Marks & Spencer to look towards closure of some stores and axing of 1,230 jobs after registering their worst sales figures in a decade.

The UK sales of like-for-like sales, despite offering heavy discounts during Christmas, went down by 7.1% in 13 weeks ending December 27, making it the biggest collapse of sales after July-September 1999.

M&S, which employs around 70,000 staff in the UK, plans to remove 780 jobs by closing 27 stores and cutting 450 more jobs from head office.

25 Simply Food outlets and two main chain food and clothes stores which had been under-performing are likely to be closed by M&S.

M&S is revising its salary pension scheme by limiting annual increments in pay which is considered as basis for calculation of pension. It is also altering early retirement benefits for employees who joined company before 1996. These are part of cost-driving measures undertaken by the management to overcome unprecedented crises.

M&S is hoping to cut costs up to £200m through rigorous implementation of these moves. Sir Stuart Rose, Executive Chairman M&S, stated that proposed changes would be more taxing for impacted staff, but in the backdrop of challenging economic conditions which would at least continue for next 12 months, these actions seemed to be right for strengthening company’s business.

The cuts were introduced as the UK like-for-like food sales fell 5.2% while general merchandise including clothing was down 8.9% over the period.

Things to consider:
Baby 2 you sell a good choice of Baby Gro at great prices.
Interested in Baby Photo Albums ?
Baby carriers backpacks here
corso di fotografia Roma
Visit Baby Security Website