M&S 'to axe 1,000 jobs' (From Watford Observer)

M&S 'to axe 1,000 jobs'

4:20am Tuesday 6th January 2009 in

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Marks & Spencer will axe more than 1,000 jobs, it has been reported, as economic gloom continued to grip the high street.

The retailer will announce the cuts on Wednesday, a newspaper report said, including nearly 1,000 posts from shop floors.

It also reportedly plans to cut several hundred more jobs from head office and support sectors.

Fellow retailers Debenhams and Next are expected to give trading updates later.

While the high street was busy over Christmas, the British Retail Consortium warned that a last-minute boost would not make up for hard times.

Worsening economic conditions have hit retailers hard, with crystal and china maker Waterford Wedgwood becoming the latest firm to call in administrators.

Deloitte is now hunting for a buyer in a bid to save the stricken company.

A string of businesses such as children's clothes retailer Adams, Woolworths, music and entertainment chain Zavvi, and MFI collapsed recently.

Marks & Spencer refused to comment on the report.