M&S slashes marketing budget 20% after poor Christmas sales
By Miranda Fitzgerald, 07 January 2009, 11:23am
LONDON - Marks and Spencer, a bellwether for the retail industry, plans to reduce its marketing budget by 20% this year and make 1,230 staff redundant as part of £175m to £200m cost cutting initiative following one of its worst Christmas trading performances on record.
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