UK Retailer Marks and Spencer Group Plc will cut 1230 jobs and close 27 stores after suffering its worst sales slump for a decade. M&S will close the less profitable smaller foodstores and shed jobs in an attempt to stave off the effects of the slowdown of consumer spending in the high-street shops.

Latest figures from M&S over the Christmas period showed that like for like sales fell 7.1% in the 13 weeks to 27 December and it’s total UK sales fell 3.4%.  Further announcements stated that profit margins would be lower this year as a result of discounting, especially in food.

M&S boss Sir Stuart Rose said “… given that we expect challenging economic conditions to continue for at least the next 12 months we believe we are taking the right action to maintain the strength of our business.”