Marks and Spencer is to cut 4,000 jobs as part of its action plan to revive its dwindling fortunes.
More than 3,300 jobs will go in Europe, while 1,040 jobs will be shed in the UK, nearly 700 of them at the Baker Street headquarters in London.
The jobs cuts and store closures were unveiled by Luc Vandevelde, the chairman and chief executive of the UK’s largest clothing chain.
“We recognise these changes will be painful for some of our people. We very much regret this but the decisions have not been taken lightly. They are essential to building a stronger future for Marks and Spencer,” said Vandevelde.
The Brooks Brothers and Kings Super Markets in the US are to be sold, alongside 38 European outlets.
The company’s ten stores in Hong Kong will be sold to holders of franchises.