LONDON – Marks and Spencer plc, the UK’s largest clothing retailer, is
expected to announce layoffs of up to 1,000 employees on Wednesday,
according to The Times.
A spokeswoman for M&S, which will announce its quarterly results
Wednesday, said the report was “just speculation,” and declined further
comment. M&S has a workforce of about 75,000.
Like most British high street retailers, M&S has been suffering the
impact of the credit crunch. In the run-up to Christmas, the store held a
series of one-day sales in a bid to spur consumer demand. On Wednesday, it
is expected to report its worst Christmas sales for a decade.
For complete coverage, see Wednesday’s WWD.