Connect with us

Hi, what are you looking for?

Investing

John Lewis warns of further store closures after record losses

John Lewis partnership

The John Lewis Partnership has revealed it does not expect to reopen all its department stores as coronavirus lockdowns are eased.

The company, which also includes the Waitrose supermarket chain in its stable, announced last year that it would not pay a bonus to its staff – known as partners – for the first time since 1953 and cut 1,300 jobs amid COVID-19 restrictions on stores.

It said then that eight stores were to go, including its Birmingham, Watford and Newbury sites and the Sunday Times has since reported that eight more are at risk.

Such a scenario, if realised, would leave just 34 surviving John Lewis stores.

But the employee-owned business was unable to put a number on it on Thursday, saying it was still locked in negotiations with landlords.

It reported group pre-tax losses of £517m for the year to 30 January compared to profits of £146m for 2019.

The partnership’s chair, Dame Sharon White, said of its position on stores: “There is no getting away from the fact that some areas can no longer profitably sustain a John Lewis store.

“Regrettably, we do not expect to reopen all our John Lewis shops at the end of lockdown, which will also have implications for our supply chain.

“We are currently in discussions with landlords and final decisions are expected by the end of March.

“We will do everything we can to lessen the impact and will continue to provide community funds to support local areas.”

Read more:
John Lewis warns of further store closures after record losses

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

British Airways has begun cancelling flights to America over concerns signals from 5G mobile phone masts could endanger the lives of passengers. The UK...

Investing

The unstoppable rise of the online marketplace model – operated by the likes of Amazon, Expedia and eBay – is driving the largest fundamental...

Investing

Boris Johnson has declared the end of coronavirus restrictions today as officials step up plans for post-pandemic Britain. Working-from-home guidance and Covid passes will...

Investing

Social media stars including Jodie Marsh and five ex-Love Islanders including Francesca Allen are to be subjected to a name and shame Instagram campaign...

Investing

Private details of hundreds of debit and credit cards in the UK are being leaked on the dark web every week for as little...

Investing

Inflation has risen to its highest level in nearly three decades because of a spike in the cost of a range of goods and...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.