Deathwatch - fashion disaster strikes the high street

6 January 2009

Christmas sales figures are beginning to leak into the press, and like a sow in knee socks, it's not a pretty sight.

The Times reports that Marks & Spencer will announce massive job losses tomorrow, with nearly a thousand posts expected to be cut in stores and several hundred more in head office and support departments. The company is already in £3billion of debt, and sales over Christmas are said to have fallen by 8.5 per cent.

Mosaic - owners of Principles, Oasis, Karen Millen and Warehouse - have had an "emergency restructuring team" sent in from Deloitte; according to the paper, 5,000 jobs are at risk unless the business can be refinanced.

Meanwhile the BBC reports that sales at Next dropped 7 per cent in the six months to Christmas Eve, while Debenhams said its sales in the past 12 weeks had fallen 3.3 per cent.

TOPICS:   High Street News


  • ODB
    M&S...great company...havent even told the staff yet yet we all know about it Deserve to go under!
  • Gus
    strange that all those overpriced shops are going down!
  • Robin
    D'oh, If they go under where in the world will i buy my undies and socks from?? And the 2 inch longer ape arm shirts I need!
  • Tim H.
    £3bn of debt?! Is this really true?!
  • Will
    I'd be totally devastated if M&S go - I love everything about the company. The staff are great, the food couldn't be nicer, their furniture and electrical appliances are great. Not to mention they are one of the biggest British retailers in the world. A big part of my Christmas every year is going to M&S and buying presents and Christmas food. Admittedly I couldn't have even considered doing that this year! It's not like there are loads of other companies like them either - unlike many of the other stores such as Zavvi and Woolworths who have crumbled. Very, very sad indeed. Getting into £3bn of debt is unforgivable.
  • Ian
    "Getting into £3bn of debt is unforgivable." You either have to scale back or mount debt, and now they are opting for the former.
  • Paul
    If they are £3 billion in debt then why don't they use their excessive profits from years gone by to pay the debt off ! Most excessive profit retailers are crying , they should have put some away for a rainy day ( year ) like now . Welcome to indebted UK PLC .
  • Ray F.
    "The company is already in £3billion of debt" Probably gone to the Israeli army!

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