Marks & Spencer’s biggest round of job cuts ever has sent shockwaves through retail. Around 7,000 roles will be axed – and that is on top of 950 redundancies revealed just a month ago.
Perversely, given the number of jobs being lost, there is actually some reassurance in today’s update that its strategy remains fundamentally unchanged. It may be progressing uncomfortably but, rather than having to jettison its plans, M&S is speeding them up – a sign of longer-term confidence in contrast to the insolvency processes underway elsewhere in the industry.
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