Britain'S Biggest Clothing Retailer Starts Laying Off Workers
According to the financial times, Marks&Spencer, the biggest clothing retailer in Britain, announced that it will lay off 1000 people due to the dim sales during Christmas. Although the scale of layoffs is only 1.3% of the total staff, it makes the retail industry worse off. Martha may be the worst performing retailer. The market predicts that its Christmas sales are the worst in 10 years, and revenue will fall by 5. 5% to 9. 6%. Sales of its main clothing and household products will drop by 6 to 10%, and food sales will be reduced by 5 to 9. 6 percent.
Yesterday, another retail giant, John Lewis, announced that the overall sales during the Christmas season were basically the same as last year under the last big promotion. But Christmas consumption may be the last effort of the British consumers, and then consumption will return to the doldrums.
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