London: One of the oldest multinational retail outlets Marks and Spencer (M&S) will be cutting off 7,000 jobs in stores, central support and regional management due to the COVID-19 crisis.
The 136-year-old brand has had a turbulent decade, in the face of stiff competition in the clothing sector from Primark and Zara.
Consumers are not buying clothes as they used to, according to a report in the Forbes. Work from home and COVID scare are the primary reasons.
The total M&S group sales have reduced by around one fifth in the 19 weeks till August 8.