Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
M&S said it would cut 1,000 jobs over the next two years at its head office in London and offices in Heathrow and Manchester as well as at its financial services arm in Chester. About 500 jobs will go this year as it shifts its head office to a smaller building in Paddington. In 2005 the company intends to outsource another 500 jobs.
The job losses at M&S will be a mix of compulsory redundancies and "natural wastage". M&S said that store managers and assistants would not be affected. It added that the initial 500 cuts would save it £ 25 million a year, although the one-off cost of losing staff is expected to be around £ 50 million.
Following the takeover threat by Phillip Green, M&S responded by bringing forward 650 of the job losses, this was announced in July 2004 to take effect in 2005-2006.
Eurofound (2004), Marks and Spencer, Internal restructuring in United Kingdom, factsheet number 60295, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/60295.
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