Large British retailer Marks & Spencer has announced plans to cut 7,000 jobs as it streamlines management following a drop in sales during the COVID-19 pandemic, the Associated Press reported.

According to the company, job cuts will occur over the next three months at headquarters, regional headquarters, and stores in the UK. This represents approximately 9% of the company's total workforce.

The company also reported a 13.2% drop in profits in the quarter ended Aug. 8, driven by a 38% decline in in-store sales of apparel and household products.