UK retail chain Marks & Spencer is reportedly going to cut 500 jobs at its head office, according to a Sky News report.
Sky said the cuts, which would affect 15 percent of the roles at its headquarters in Paddington, London, are likely to be announced next Thursday.
An M&S spokesperson did not confirm the reports, but said:
“We said at our prelims results in May that organisation was an area of the business that needed further consideration and that we would update on this in the autumn.
“We would never comment on rumour and speculation and have nothing further to add.”
The report comes after the retailer announced that it’s offering a pay rise to customer assistants, section coordinators and section managers following a “thorough consultation” with its national employee representative group.
From next April, customer assistants will receive £8.50 an hour, or £9.65 in London, much higher than the Living Wage of £7.20 and the voluntary rate of £8.25, or £9.40 in the capital.
However, the high street chain is still going forward with its controversial plan to cut premium pay for Sundays.
Chief executive of Marks & Spencer Steve Rowe, who replaced Marc Bolland as boss of the 132-year-old retailer in April, is attempting to revive clothing and homeware sales after a slump in performance.
He has also overhauled the company’s pay and pension scheme, cutting premium pay for Sundays and Bank Holidays.