Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

Milk shake-up: Protests as EU ends dairy quotas

Read more

MIDDLE EAST MATTERS

Iraq: Sunni militias fight alongside Peshmerga fighters

Read more

IN THE PAPERS

'Nigeria is the winner!'

Read more

IN THE PAPERS

Is there a surveillance device in your smoke detector?

Read more

EYE ON AFRICA

Nigerian oppposition claims historic election win

Read more

MEDIAWATCH

Facebook tracks you, even if you not a user

Read more

DEBATE

Iran deal: Deadline day for nuclear talks (part two)

Read more

DEBATE

Iran deal: Deadline day for nuclear talks (part one)

Read more

DOWN TO EARTH

Agriculture: When farms turn into factories

Read more

Business

Marks and Spencer plans to shed 1,000 jobs

Latest update : 2009-01-06

Clothing-to-food retailer Marks and Spencer - seen as a barometer of British consumer sentiment - is set to axe more than 1,000 jobs, UK newspaper The Times has reported. The retailer refused to comment on the report.

AFP - Clothing-to-food retailer Marks & Spencer is set to axe more than 1,000 jobs, The Times reported Tuesday, bringing further gloom to the British high street as it struggles under the weight of the downturn.

The newspaper said M&S, which is seen as a barometer of British consumer sentiment, would announce plans to cut nearly 1,000 shop floor jobs and several hundred more posts in head office and support sectors on Wednesday.

Shoppers flocked to heavily-discounted stores over Christmas and the new year, but analysts warned the last-minute spending spree would not be enough to make up the shortfall left by consumers tightening their belts.

Marks & Spencer announced in early November that net profit sank 43 percent in the first half of the year as it faced tough trading, and The Times said year-on-year sales over Christmas fell significantly.

The retailer refused to comment on the newspaper report.

Date created : 2009-01-06

COMMENT(S)