M&S Voluntary Redundancy and Early Retirement advice – around 7000 job losses announced

On 18th August 2020, Marks and Spencer announced that it was to cut 7,000 jobs (see BBC News) – devastating news and my thoughts go out to those affected.

The company said its store sales were down almost 50% while online sales were up 39.2% across the same period.

M&S said: “As previously outlined Clothing & Home trading in the stores remains well below last year, with online and home delivery strong.  It is clear that there has been a material shift in trade and whilst it is too early to predict with precision where a new post Covid sales mix will settle, we must act now to reflect this change.”

“As a result we are today embarking on a multi-level consultation programme which we anticipate will result in a reduction of c. 7,000 roles over the next 3 months. These will include departures in our central support centre, in regional management, and in our UK stores, reflecting the fact that the change has been felt throughout the business.”

The news just days after Debenhams announced it was going into liquidation with a potential 15,000 job losses of directly employed staff and more from counter staff owned by other employers such as L’Oreal/Lancome etc

M&S Settlement Agreements Advice

As an experienced settlement agreement solicitor and employment lawyer who advises on redundancies, I believe that Marks and Spencer are likely to offer redundancy packages and settlement agreements to affected employees. They said:

“We expect a significant proportion will be through voluntary departures and early retirement. In line with our longstanding value of treating our people well, we will now begin an extensive programme of communication with colleagues.”

M&S RNS Statement

Settlement Agreements are frequently used for voluntary redundancy and early retirement situations. They may featured an enhanced package, as a way to get you to volunteer. A settlement agreement will see you waive any employment rights you might have against the company. It can be used to shortcut the redundancy process – itself a timely and costly exercise, particular across 7,000 staff.

Have you been given an M&S Settlement Agreement?

If you’re an M&S Employee and have been given a settlement agreement, for voluntary redundancy or early retirement – also known as a severance package or ex-gratia payment, then get in touch.

I specialise in settlement agreements and wherever you are in the UK – I will help.

Call me for a free no-obligation conversation today on 0116 3667 900.

The news just days after Debenhams announced it was going into liquidation with a potential 15,000 job losses of directly employed staff and more from counter staff owned by other employers such as L’Oreal/Lancome etc.

Related Posts

Leave a Reply