The pain for retailers gets ever deeper.
Britain’s Marks & Spencer is the latest to announce big job cuts.
On Tuesday (August 18) it said it would shed 7,000 posts.
That’s on top of 950 redundancies announced last month as part of a store management revamp.
Now the new cuts will hit its central support centre, regional management and UK stores.
The firm says it hopes a significant proportion will come through voluntary departures and early retirement.
Chief Executive Steve Rowe called it an important step in becoming a ‘leaner, faster business set up to serve customer needs’.
M&S said group sales were down by almost a fifth on the year over the 19 weeks to August 20.
Clothing and home sales were down by just over 49 percent.
The news is just the latest in a wave of cuts by UK retailers.
Big names including Boots, John Lewis and WH Smith have all announced layoffs.
After opening with gains, Marks & Spencer shares fell around 4 percent in early London trade.