M&S meets City as job fears grow
Saturday 13 February 1999
The company yesterday was forced to deny reports that it was poised to axe 800 senior and middle management staff in a bid to slash costs and increase efficiencies.
A spokeswoman said that the stories were "purely speculative" and no decision had been taken over redundancies. She added that even if M&S was to reduce its workforce, "a figure of 800 people is totally beyond the realm of possibilities".
However, she conceded that the blue-chip retailer, which was rocked by a shock profit warning last month, could soon announce the results of a wide-ranging review of its business.
The internal inquiry, which is looking at cutting costs and restructuring M&S operations, is not due to finish until June. However, the spokeswoman suggested that some cost-cutting measures could be implemented before then.
At the time of January' s disastrous trading statement, Mr Salsbury said M&S would cut staff through natural wastage and only use redundancies as a last resort.
City analysts said that they were expecting some staff reductions over the next few months. "Job losses would not come as a surprise. It is something we have been expecting for some time," one said.
The spokeswoman claimed that Mr Salsbury's tour of the City was a "meet and greet" exercise to present the new chief executive to top retail analysts.
Ian McKellen and Patrick Stewart bromance continues: X-Men star gushes about 'pussy cat' BFF Patrick Stewart
David Cameron stung by jellyfish: PM hurt after ignoring advice of locals while on holiday
South Korea ferry: Vice principal rescued from sinking ship found hanged
Catherine Deneuve and Sophie Marceau in war of words over President Francois Hollande's affair with Julie Gayet
Inside North Korea with the man who won the marathon
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 1 KFC 'sorry' after lesbian couple are kicked out of Bath restaurant for 'heavy petting'
- 2 West Ham confirm 20-year-old striker Dylan Tombides has died after battle with cancer
- 3 24 people applied for the 'world's toughest job', here are their interviews
- 4 Video of British Muslims dancing to Pharrell Williams's hit Happy attacked as 'sinful'
- 5 PFA Player of the Year: Luis Suarez, Daniel Sturridge and Steven Gerrard all nominated as Liverpool dominate award shortlist
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...