Marks and Spencer to cut 950 jobs

With people not stepping out due to the pandemic, the online industry is booming but the retail business has been badly hit. With a lot of shops shutting down and employers unaware of the future, thousands of people are losing their jobs.

The clothing and homewares retailer M&S informed that the job losses would come from central support functions in its property and field operations as well as its store management network. The cuts will represent about 1.2% of its workforce of 78,000.

M&S follows department-store chain Debenhams Plc, Walgreens Boots Alliance Inc.’s drugstores and the John Lewis Partnership Plc, owner of the upmarket grocer Waitrose, in announcing drastic job cuts. Britain’s retailers are struggling to return to normal after months of store closures as lockdown measures have been eased.

Also read: Air India says no layoffs, no deduction in basic pay

M&S has struggled in a highly competitive grocery market. In May, the company informed that it was outperforming its worst-case coronavirus scenario after reacting quickly to the pandemic, cancelling about 100 million pounds ($122 million) of clothing and home orders.

Not only Marks and Spencer, but retail brand like Ted Baker is also preparing to lay off 500 employees after already laying off 160 in February.

With the permanent change in retail scenario, we can only hope things can get back to normal as soon as possible.

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