British retailer M&S to slash 7,000 jobs over the next 3 months following COVID-19 sales slump

• British retailer M&S plans to cut 7,000 jobs over the next three months — around a tenth of its workforce — in an attempt to offset a sales slump caused by the COVID-19 pandemic.
• The job losses will hit stores across the UK, as well as its customer support center and regional management.
• "It is clear that there has been a material shift in trade and whilst it is too early to predict with precision where a new post-COVID sales mix will settle, we must act now to reflect this change," M&S said in a statement.

British high-street retailer $4 over the next three months to stem losses from its COVID-19 sales slump.

The job cuts will hit its central support center, regional management, and its UK stores, M&S said. It expects to let go a "significant proportion" of jobs through voluntary departures and early retirement.

The cuts come on top of the $4, which the retailer said would eliminate duplicate roles and provide "clearer leadership accountabilities."

At the height of the pandemic, M&S warned that customers may $4, and streamlined its management structure.

In its latest statement, M&S said that store closures, including at airports, initially caused food sales to slip, but once stores reopened, sales recovered slightly, and food sales have risen 2.5% in the past 13 weeks.

Clothing sales saw a "substantial shift" from formal wear to leisure wear, M&S said. In the last 13 weeks, total revenue in this segment was down 38.5%.

"It is clear that there has been a material shift in trade and whilst it is too early to predict with precision where a new post-COVID sales mix will settle, we must act now to reflect this change," the retailer said in the statement.

$4, mostly based in the UK. The latest job cuts represent a loss of 9% of its workforce.

Separately, the UK's high-end department store $4, beauty retailer Boots, department store $4, sandwich chain $4, and fast-food outlet Burger King also announced job cuts running into the thousands.