8 Jan 2009

Top UK retailer cuts jobs

9:06 am on 8 January 2009

Marks & Spencer - the top clothing retailer in Britain - is cutting 1230 jobs after a sharp fall in sales.

M&S reported its worst sales figures for a decade on Wednesday - due to tough economic conditions following the global credit crisis.

The company says like-for-like store sales fell 7.1% in the 13 weeks to 27 December.

Chairman Stuart Rose said "challenging economic conditions" were expected to continue "for at least the next 12 months."

M&S serves more than 21 million people a week at over 600 stores.