Marks and Spencer to cut around 525 head office jobs

LONDON, UK: Marks and Spencer is to axe around 525 head office jobs and switch some 400 roles out of London to save costs, the British retail group announced Monday.

Marks, whose recently-appointed chief executive Steve Rowe is seeking to turn around the company's struggling clothing division and grow its popular food offering, said the announcement was aimed at creating a "simpler and more effective organisation".

He added in a statement that the changes "are absolutely necessary and will help us build a different type of M&S - one that can take bolder, pacier decisions, be more profitable and ultimately better serve our customers".

The company said around 400 IT and logistics roles would be relocated north of its central London office.

Source: AFP