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LONDON, Sept 3 (Reuters) - British retailer Marks & Spencer will cut 500 jobs at its head office next week as itsnew chief executive Steve Rowe tries to halt a slump in sales,Sky News reported on Saturday.
It said M&S is to axe around 15 percent of the roles at itsheadquarters in Paddington, London, with more than half of thecuts affecting contractors.
Quoting sources, Sky said the cuts are likely to beannounced next Thursday.
An M&S spokeswoman declined to comment on the report butadded: "We said in May that organisation was an area of thebusiness that needed further consideration and that we wouldupdate on this in the autumn."
Rowe, a 26-year M&S veteran, replaced Marc Bolland as CEO ofthe 132-year-old retailer in April with a remit to reviveclothing and homeware, which contributes about 60 percent ofprofit but has seen five years of falling sales.
Long Britain's biggest clothing retailer, M&S has seen itsmarket share eroded by rivals like Next and a push fromsupermarkets into clothing, while younger shoppers favourPrimark and H&M's cheaper prices.
(Reporting by Stephen Addison; Editing by Jon Boyle)
