Retailer Marks and Spencer has announced plans to cut 1,000 top jobs over the next two years.
The troubled chain said 500 head office and back office jobs would be lost this financial year, with another 500 expected to follow later.
It is believed that the cutting of 500 jobs could equate to an annual saving of £25 million before one-off costs.
M&S employs around 5,000 people in its head office and financial services departments in London, Manchester and Chester. An M&S spokeswoman said that the number of job cuts will be decided as part of a review beginning in May but the final figure could be higher.
The store’s chief executive Roger Holmes said: “This is an integral part of our plan to kick-start the next stage in the transformation of the business.”
The company has stated that the 58,000 people it employs in its stores nationwide would not be affected.
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