The U.K.'s biggest clothing retailer Marks & Spencer Group Plc, said Wednesday it is cutting 1,230 jobs to reduce expenses amid troubled economy times.

The retailer also said it plans to close 27 stores. The company reported that revenue at outlets fell less than the 8.3 percent analysts expected to 7.1 percent.

Marks & Spencer job cuts represents 1.6 percent of its total workforce.

Shares of the retailer rose 2.2 percent in London Stock Exchange trading.