This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.independent.co.uk/news/business/news/marks-spencer-stores-close-job-losses-branches-shops-a8186691.html
The article has changed 4 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Marks & Spencer announces closure of up to 14 stores, putting 468 jobs at risk | Marks & Spencer announces closure of up to 14 stores, putting 468 jobs at risk |
| (35 minutes later) | |
| Marks & Spencer has announced the closure of up to 14 stores, putting 468 jobs at risk. | Marks & Spencer has announced the closure of up to 14 stores, putting 468 jobs at risk. |
| The retailer said the closures were part of its strategy to downsize its clothing & home offering to focus more on food. | The retailer said the closures were part of its strategy to downsize its clothing & home offering to focus more on food. |
| M&S said six stores will close by the end of April: Birkenhead, Bournemouth, Durham, Fforestfach, Putney and Redditch, with all staff moving to nearby stores. | M&S said six stores will close by the end of April: Birkenhead, Bournemouth, Durham, Fforestfach, Putney and Redditch, with all staff moving to nearby stores. |
| A further eight stores are proposed for closure: Andover, Basildon, Bridlington, Denton (outlet), Falmouth, Fareham, Keighley and Stockport. | |
| M&S is the latest retailer to announce large-scale job cuts, following Tesco, Sainsbury's, Asda and B&Q. | M&S is the latest retailer to announce large-scale job cuts, following Tesco, Sainsbury's, Asda and B&Q. |
| High street chains are battling rising prices, falling real wages and large increases to business rates. | |
| M&S said it will now consult employees in these branches about their future. The company did not confirm how long that process would take. | M&S said it will now consult employees in these branches about their future. The company did not confirm how long that process would take. |
| If the stores do close, staff would be offered the chance to move to other stores before redundancy is considered, M&S said in a statement. | If the stores do close, staff would be offered the chance to move to other stores before redundancy is considered, M&S said in a statement. |
| Martin Lane, managing editor of personal finance site money.co.uk, said the news was distressing for M&S employees but warned of further redundancies ahead at high street retailers. | |
| “This is the third time in a matter of weeks we’ve heard of job cuts impacting some of the UK’s biggest stores," he said. | “This is the third time in a matter of weeks we’ve heard of job cuts impacting some of the UK’s biggest stores," he said. |
| "The retail giants are facing turbulent times with competitive pressure from discount rivals and online sales. | "The retail giants are facing turbulent times with competitive pressure from discount rivals and online sales. |
| M&S's announcement was not surprising after the firm's poor Christmas sales, Mr Lane said. | M&S's announcement was not surprising after the firm's poor Christmas sales, Mr Lane said. |
| "Their signature luxury products are being undercut by bargain supermarkets at a fraction of the price. Shoppers expect quality and convenience for less than ever before and M&S are struggling to compete. | |
| “Sadly I suspect this is just the beginning of redundancies in the high street retail industry we’ll witness this year. | “Sadly I suspect this is just the beginning of redundancies in the high street retail industry we’ll witness this year. |
| "Shoppers habits are changing, purse strings are tightening and our reluctance to pay full price becomes more problematic for high street stores.” | "Shoppers habits are changing, purse strings are tightening and our reluctance to pay full price becomes more problematic for high street stores.” |
| Sacha Berendji, director of retail at Marks & Spencer said, “We’re committed to transforming M&S for our customers, colleagues and shareholders. Stores will always be an integral part of our customer experience, alongside M&S.com, but we have to ensure we have the right offer in the right locations. | Sacha Berendji, director of retail at Marks & Spencer said, “We’re committed to transforming M&S for our customers, colleagues and shareholders. Stores will always be an integral part of our customer experience, alongside M&S.com, but we have to ensure we have the right offer in the right locations. |
| “We don’t want any colleagues to leave M&S and we will work with each colleague individually on what is best for them as we endeavour to give everyone a role. However, we accept in some cases we may have to consider redundancy. | “We don’t want any colleagues to leave M&S and we will work with each colleague individually on what is best for them as we endeavour to give everyone a role. However, we accept in some cases we may have to consider redundancy. |
| “We believe these changes are vital for the future of M&S and we will continue to accelerate the programme, taking tough but necessary decisions, as we focus on making M&S special.” | “We believe these changes are vital for the future of M&S and we will continue to accelerate the programme, taking tough but necessary decisions, as we focus on making M&S special.” |