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The New York Times reports this morning that UK retailer Marks & Spencer, having just suffered its worst fiscal quarter in a decade, plans to close 27 of its stores and eliminate 1,230 jobs. According to the story, “The job cuts include 450 head office employees, about 15 percent of that work force. Another 780 staff in 25 '’underperforming'’ food-only shops and two of the retailer's smaller department stores will also face redundancies.”

Company CEO Stuart Rose said that he expects the current challenging economic environment to continue for at least 12 months.

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