M&S Plans to Scrap 525 Head Office Roles in Savings Drive
- Job cuts would reduce U.K. costs by about 1% annually
- Retailer striving to halt sales slump, comply with living wage
Marks & Spencer Group Plc plans to scrap about 525 head office jobs as the U.K.’s largest clothing retailer embarks on its biggest round of job cutting in seven years.
The changes should reduce domestic costs by about 1 percent, or 30 million pounds ($40 million), a year, the London-based company said Monday. M&S will consult with workers over the downsizing, which would represent about 15 percent of head-office staff.