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Despite a 26.9 per cent increase in worldwide sales, over group sales dropped by 1.2 per cent.
M&S boss Sir Stuart Rose commented: "We are aware that the proposed changes set out above will be difficult for those members of staff impacted.
However, he described the proposals as the "right course of action" in the present economic climate.
It is also expected that changes will be made to the firm's early retirement scheme for employees who joined before 1996.
Yesterday (December 6th), trading ceased at the 200 remaining Woolworths stores after the company buckled under its £385 million debt.
