Marks & Spencer is planning to slash more than 1,000 jobs at its stores and head office after Christmas sales nose dived, according to The Times newspaper today.
The newspaper reported that nearly 1,000 jobs are set to be axed from stores and said that several hundred more would go from head office and support functions.
M&S is expected to report a like-for-like sales decline of around 8.5% when it updates the market on Christmas trading tomorrow.
The job cuts follow controversial changes to M&S’ redundancy packages, which were implemented last year.
M&S declined to comment this morning.