Marks & Spencer will axe more than 1,000 jobs, it was reported today, as economic gloom continued to grip the high street.

The retailer will announce the cuts on Wednesday, The Times says, including nearly 1,000 posts from shop floors.

It also plans to cut several hundred more jobs from head office and support sectors, the newspaper reported.

Fellow retailers Debenhams and Next are expected to give trading updates tomorrow.

While the high street was busy over Christmas, the British Retail Consortium warned that a last-minute boost would not make up for hard times.

Worsening economic conditions have hit retailers hard, with crystal and china maker Waterford Wedgwood becoming the latest firm to call in administrators.

Deloitte is now hunting for a buyer in a bid to save the stricken company.

A string of businesses such as children's clothes retailer Adams, Woolworths, music and entertainment chain Zavvi, and MFI collapsed recently.

Marks & Spencer refused to comment on the report.