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MARKS and Spencer is planning on axing hundreds of jobs this week – with thousands more roles feared to be in the firing line because of coronavirus, it’s been reported.
The iconic high street retailer will join the likes of John Lewis, Boots, and Debenhams in announcing scores of job cuts and store closures.
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Sky News reports that M&S will begin announcing redundancy plans this week.
But sources also told the news channel that several thousand more jobs could go as chief executive Steve Rowe ramps up an ongoing restructuring of the business.
Sky News says the redundancy announcement expected this week will form the first phase of its larger jobs cut plan.
M&S will be the latest chain to have taken taxpayers’ money through the furlough scheme, but only to announce big redundancies.
Businesses in turmoil in 2019 and 2020
THE following businesses have announced job cuts and store closures in 2019 and 2020:
- Go Outdoors enter into administration putting 2,400 jobs at risk
- Jamie Oliver’s “Jamie’s Italian“chain go bust, alongside his Fifteen and Barbecoa restaurants
- Links of London go into administration putting 350 jobs at risk
- Marks and Spencer close 35 more stores as it pushes forward with plans to axe 145 shops across the UK
- Dozens of Monsoon and Accessorize stores close
- Struggling shoe shop Office has said it “could close shops” as part of restructuring plans
- Fears Pizza Express could be next to go into administration as it “brings in emergency advisers”
- Hairdressing chain Supercuts went into administration in October 2019 – putting 1,200 jobs and 220 salons at risk
- Maternity and baby retailer Mothercare collapsed into administration in November 2019 after 58 years on the high street, putting 2,500 jobs at risk
- Department store chain Beales went into administration in January 2020 with 23 shops and 1,052 jobs at risk
- High end fashion brand Ted Baker said it plans to axe 160 jobs in February 2020
- Mobile phone retailer Carphone Warehouse said in March 2020 that it’ll close all 531 standalone stores in April
- Vintage furnishing and fashion firm Cath Kidston said it was closing all 60 high street stores in March 2020
- Fashion store Animal said in April 2020 it was closing all 21 of its UK stores
- Department store chain Debenhams fell into administration for the second time in April 2020
- P&O Ferries said in May 2020 that it was looking at making 1,100 workers redundant
- TUI warned in May 2020 that 8,000 jobs could be cut due to the ongoing coronavirus crisis
- British Airways said in May 2020 that it still plans on pressing ahead with 12,000 job cuts
- Oasis and Warehouse went into administration in May 2020, with 1,800 staff placed on furlough
- Shoe chain Aldo collapsed into administration in June 2020 with five stores permanently closed
- Victoria’s Secret plunged into administration in June 2020, putting 800 jobs at risk
- Fashion chain Quiz put its shop business into administration in June 2020, putting 82 stores at risk
- Pret a Manger is cutting 30 shops, putting 1,000 jobs at risk
- John Lewis is closing eight stores, with 1,300 jobs on the line
- Boots announces 4,000 job cuts and 48 opticians shops to close
About 27,000 M&S employees — out of a total of 78,000 — were furloughed under the Coronavirus Job Retention Scheme.
The majority of M&S food stores have remained open during lockdown, although some of its clothing outlets were shut after the government ordered all “non-essential” retailers to temporarily close.
A total of 260 combined clothing and home shops have reopened in England, while 25 clothing-only shops also opened their doors.
M&S has around 950 shops in the UK.
The high street giant isn’t the only retailer to announce struggles following the spread of Covid-19.
John Lewis is shutting eight stores putting 1,300 jobs at risk, while Boots has announced 4,000 jobs will be cut.
Pret a Manger has also announced it will close 30 shops, while Cath Kidston and Laura Ashley have already collapsed.
It comes as the Centre for Retail Research predicts that 20,000 shops could close for good this year.
We’ve got a full round-up of all the shops and restaurants that have gone bust here.
An M&S spokesperson said: “We don’t comment on speculation and, if and when we have an announcement to make, our colleagues will be the first to know.”
M&S has recently started reopening some of its cafes for dine-in customers.
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