Cyberattack wipes over £650m off M&S valuation

Hundreds of agency workers at Marks Spencer have been told not to come into work as the retailer continues to deal with the fallout of a cyberattack which has seen the company lose more than 650m of value in a matter of days.

- ATHENA STAVROU

The FTSE 100 business has a market capitalisation of more than £7.5bn – but this is down significantly since 22 April, when shares traded for above £4.10. The firm’s share price fell by 2.5 per cent yesterday morning and is down almost 10 per cent over the past week.

Staff have been instructed to stay at home rather than come into work at the retailer’s main clothing and homeware warehouse in the East Midlands, Sky News has reported.

Some 200 agency staff had been due to work at the Castle Donington logistics centre, the broadcaster reported, citing a source close to M&S. Agency staff make up around 20 per cent of the site’s workforce, the source said, adding that M&S employees were told to come in as usual.

M&S have been contacted for a comment.

Disruption at M&S began last weekend as contactless payments and click-and-collect orders were affected.