1 in 5 have something from M&S on their Christmas table yet Marks and Spencer to axe over 1000 jobs

Marks and Spencer, the company that was once the "darling" of the High Street have announced the worst trading figures in more than a decade. Furthermore they have announced just over 1000 job loses (800 from stores, 400 from back office staff).

But what has happened to our economy when a company who's Chairman Sir Stuart Rose said this, this morning on Sky News:

* 21 million customers
* £400 million being investment in systems
* 56 million people went into a Marks and Spencer shop in the 10 days to Christmas
* Same sales volume as previous year over Christmas
* £50 million pounds worth in one day of sales over the Christmas period
* Sold a turkey every second in the run up to Christmas
* 1 in 5 had something as part of their main dish at Christmas

How can a company that seems to have such such successful statistics become an ailing high street giant?

It has been revealed that 25 Simply Food stores that are not performing closing which according to Sir Rose were a mistake and too small to give proper service.He went on to say that 2009 will continue to be tough till 2010 only the strong will continue to be there, we (M&S) will continue to be there.

If larger companies like Marks and Spencer are struggling in the current economic downturn there seems to be much less hope for the smaller traders. One survey this morning believes that 1 in 6 of the High Street stores will close this year.

Perhaps the Church of England needs to produce a "prayer for the ailing High Street giants" after yesterday their rapid response prayer unit released The ‘Prayer on being made redundant’ and ‘Prayer for those remaining in the workplace’!