Marks & Spencer (M&S), the UK department chain store is going to intervene heavily in the workforce due to the crisis. The company announced that 7000 jobs will be lost, as shoppers stay away from the shops as a result of the coronary artery disease.
The procedure will take place in the coming months. Not only the staff in the British shops in the chain must fear for their jobs, but also jobs are disappearing in the office. M&S employs around 85,000 people worldwide. Approximately 90% of the workforce works in the United Kingdom.
M&S has been struggling with disappointing sales since the relaxation of the quarantine measures. Over the last three months, revenues have fallen by 39% in the clothing and home division. On the other hand, food yields increased by 2.5%.
According to M&S, the future remains extremely uncertain, also pointing to the continuing malaise in the shopping street, partly due to online competition. The company is trying to prevent redundancies wherever possible. In some departments, the company will create additional jobs. The crisis has also driven online sales at M&S, which also creates new opportunities.