| |
M&S set to axe 450 jobs at HQ
HUNDREDS of jobs will be lost in Paddington after Marks and Spencer became the latest high street retailer to make significant cutbacks, announcing 1,230 staff will be made redundant.
In a statement released this week, bosses confirmed that 450 jobs would be lost from its headquarters in North Wharf Road – a 15 per cent reduction in numbers.
The head office will remain while 27 stores are closed across the country, including 25 Simply Food stores.
Chairman Stuart Rose said: “Given that we expect challenging economic conditions to continue for at least the next 12 months, we believe we are taking the right action to maintain the strength of our business.
“Capital expenditure for 2008/2009 is expected to be no more than £700million and no more than £400million in 2009/2010. We continue to target to be broadly cash neutral in 2008/2009.”
There will also be an overhaul of the M&S staff pension scheme, with a cap on annual increases to 1 per cent and a change in the retirement packages for those who joined the company before 1996. |
 |
|
|
| |
| |
