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Wednesday, 7 January 2009

More job losses on UK high street...

It’s not just those small companies or those that were already on the way down that are suffering at the moment. M&S announced today that they will be shedding 1,230 jobs in the UK and closing 27 of its small food stores.

It is not too surprising that M&S has been forced to make these cuts. The signs seemed pretty obvious well before today, as they announced 20% sale after 20% sale in the weeks running up to Christmas. Although the shops were packed on those sale days, it was a terrible indication of the state of the business.

This has not been a good week for those working in the retail industry...and its only Wednesday. On Monday Adams, which fell into administration after Christmas, cut another 850 staff, while Passion for Perfume collapsed leaving 185 people jobless. Whilst just today the womenswear company Viyella called in the administrators, putting at risk another 450 jobs.

Things are only going to get worse on the high street in the next few weeks and months. It seems now seems even more important than ever that the government stops playing politics with policies such as VAT cuts, and focuses upon the problems in hand. First step for retailers, get the credit insurance market working asap.

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posted by Carl Malways at

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