LONDON, Sept 3 British retailer Marks & Spencer
will cut 500 jobs at its head office next week as its
new chief executive Steve Rowe tries to halt a slump in sales,
Sky News reported on Saturday.
It said M&S is to axe around 15 percent of the roles at its
headquarters in Paddington, London, with more than half of the
cuts affecting contractors.
Quoting sources, Sky said the cuts, which will follow a
statutory period of consultation with employees, are likely to
be announced next Thursday.
No comment was immediately available from M&S.
Rowe, a 26-year M&S veteran, replaced Marc Bolland as CEO of
the 132-year-old retailer in April with a remit to revive
clothing and homeware, which contributes about 60 percent of
profit but has seen five years of falling sales.
Long Britain's biggest clothing retailer, M&S has seen its
market share eroded by rivals like Next and a push from
supermarkets into clothing, while younger shoppers favour
Primark and H&M's cheaper prices.
(Reporting by Stephen Addison; Editing by Jon Boyle)