Marks & Spencer is contemplating new job cuts at its headquarters as part of a cost-cutting drive.

According to The Sunday Times, the store is reducing teams across the board, primarily through natural attrition.

It is thought hundreds of jobs will be lost.

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However, an M&S spokeswoman said this figure was “simply inaccurate”.

M&S is returning to growth after years of decline, thanks to more competitive grocery pricing and improvements to its ecommerce business.

In the 13 weeks ending December 31, like-for-like apparel sales increased by 8.6 percent while food sales increased by 6.3 percent. M&S recorded pre-tax profits of £205.5 million for the quarter.

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M&S cut 950 head-office positions in 2020 as part of a 7,000-job cull, accounting for about nine percent of its workforce.

As it prepares for employment cuts, M&S is debating whether to close its London headquarters entirely when the lease expires in 2028.

Source: Retail Gazette

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