Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Marks and Spencer, the UK-based multinational retailer specialising in clothing, home and food products, has announced that it will cut 950 head office jobs in London and store management jobs across the UK as part of a restructure. Redundancy consultations are already underway and a representative of the company said affected staff would be offered voluntary redundancy in the first instance.
The chief executive said existing restructuring plans had been accelerated in the wake of the Covid-19 pandemic and the company wanted to 'make three years' progress in one'.
Marks and Spencer is one of the largest retailers in the UK, with 78,000 employees. Since 2018, the company has been reducing the number of its clothing and homeware shops in the UK, and currently has just under 300 of those.
Update 18/08/2020: Marks and Spencer has announced that it will cut 7,000 jobs, about 10 per cent of its workforce, across the UK in the next three months. The job cuts will affect employees at all levels, from customer assistant roles through regional management and head office jobs, with M&S offering voluntary redundancy and early retirement options.
The chief executive said the proposal to restructure the business and cut jobs aims to "streamline” the business and transform it to better serve the needs of customers.
A representative of the Usdaw union said the announcement was a "devastating blow” both for M&S staff and for the British high street.
Eurofound (2020), Marks and Spencer, Internal restructuring in United Kingdom, factsheet number 101520, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101520.
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