M&S, Ted Baker and Harvey Nichols brace for job cuts

M&S is understood to be launching a restructuring plan in the coming days, which will see hundreds of roles being cut and several thousands more impacted over the next few months, according to Sky News.

Although the number of job cuts was not specified, sources close to the situation told Sky News that the retailer’s divisions across retail and property, clothing and home, food and international were all reviewing their cost bases. It also said that those that do cut jobs would do so at different points over the next few months, with the total amount expected to be several thousand roles.

The move, which will reportedly see the first wave of several hundred jobs cuts announced this week, is understood to be an acceleration of Marks & Spencer’s ‘Never the same again’ transformation plan, which was unveiled in May.

A spokesperson for Marks & Spencer said: “We don’t comment on speculation and, if and when we have an announcement to make, our colleagues will be the first to know.”

Fashion retailer Ted Baker is also understood to be preparing to cut 500 jobs, comprising 25% of its overall workforce.

The retailer will reportedly cut 200 roles from its head office, with the remainder to be cut across stores and concessions.

A spokesperson for Ted Baker told The Guardian: “As part of our continuing transformation plan, we have been assessing the appropriate level of staffing across our business and are in consultation with affected colleagues.”

Luxury department store group Harvey Nichols’ chief operating officer Manju Malhotra has also written to the retailer’s 1,500-strong workforce to warn that “there may be staff redundancies at all locations” as a result of a business restructure triggered by the coronavirus crisis.

Harvey Nichols told The Times, who first reported the email, that “no decisions” had been made on the number of staff that would be made redundant.

“We value each of our employees and their contribution to the business, and are doing everything we can to avoid or minimise the number of redundancies,” the retailer said.

This swathe of job cuts follow significant redundancies made by retailers ranging from John Lewis to Boots in recent weeks, as the impact of coronavirus and subsequent store closures have hammered the high street’s profitability.