Marks & Spencer to axe 500 jobs at head office

Endaba Group

Marks & Spencer has announced they will cut 500 jobs at its head office this week as its new Chief Executive Steve Rowe tries to halt a slump in sales. The 500 jobs account for 15% of the roles at its headquarters in Paddington, London, and it is believed M&S will reveal the full extent of their cuts on Thursday. Rowe is a 26-year M&S veteran, and replaced Marc Bolland as CEO of the retailer in April with a remit to revive clothing and homeware, which contributes about 60% of profit but has seen 5 years of falling sales.

The 132-year old chain is long Britain’s biggest clothing retailer, however it 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.