John Lewis preparing to close up to eight more stores to slash prices after avoiding its first loss in 101 years
Blow: Dame Sharon White has already closed eight stores and minimize 2,800 jobs
John Lewis is preparing to close up to eight more division stores to slash prices after narrowly avoiding its first loss in 101 years.
Chairman Dame Sharon White has already closed eight stores and minimize 2,800 jobs in an try to flip its fortunes round.
The mutual, which has 42 stores, is now set to announce additional closures, pending negotiations with landlords.
The chain’s greater, older outlets are most in danger, the Sunday Times reported, but it surely might reopen some stores in smaller premises close by.
The transfer could be one other blow to the High Street after the collapse of Debenhams and Arcadia, which shut more than 600 stores.
The growth in on-line buying has pressured John Lewis to reassess what number of stores it wants.
The proportion of revenues coming from its web site is predicted to rise from 40 per cent earlier than the pandemic to close to 70 per cent.
John Lewis is predicted to make a small working revenue within the year to January 2021. The company posted a file £635m loss within the six months to September, largely due to property write-downs.