M&S cuts spark job fears

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M&S cuts spark job fears

Fears that unemployment will soar in coming months intensified as Marks & Spencer laid plans to shed 1,000 staff and other big companies prepared to cut their staffs and close stores as well.

The Council of Economics and Business Research is forecasting that between 100,000 and 135,000 shop workers will lose their jobs this year.

With the last Woolworth store closing, 27,500 staff have joined the job queues.

Other major retailers such as JJB Sports are expected to announce job cuts in the coming months as the scale in decline of retail sales is revealed.

M&S confirmed plans to cut 1,230 jobs from a 70,000 strong workforce and that 25 of its Simply Food stores and two smaller M&S branded stores will close following a decline in sales.

For the 13 weeks to December 27, M&S sales fell by 7.1% .

Hotel group InterContinental, with brands including Holiday Inn, Crowne Plaza and Indigo, is rumoured to be drawing up plans to shed up to 200 jobs in the UK, where it has about 240 managed and franchised properties.

Bellway Homes, the house builder, that said in November that it would consider job cuts in the run-up to its annual meeting next week, is also understood to be preparing to cut staff in response to the tough housing market.

The Stag Brewery at Mortlake, London, is to close, with the loss of up to 182 jobs.

The brewery, which produces Budweiser, Bud Ice and Michelob Ultra, will shut next year as part of £690 million cost savings strategy announced by US brewery giant InBev after its $52 billion takeover of Anheuser-Busch.

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