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Marks & Spencer Considering Job Cuts

April 2, 2004

LONDON (AP) _ Retailer Marks & Spencer said Friday it could cut as many as 1,000 jobs in its headquarters and financial services operations in the next two years.

The company said it was considering the cuts as part of a review of the two areas, which employ about 5,000 people. Retail workers at Marks & Spencer’s stores would not be affected, it said.

``This is an integral part of our plan to kick start the next stage in the transformation of the business,″ said Roger Holmes, the company’s chief executive. ``It is also an important step in creating a more efficient organization and serving our customers better.″

The company, which has been struggling to boost sagging sales, said the first 500 possible cuts could save 25 million pounds ($45 million) a year.

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