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.