John Lewis Chairman Dame Sharon White said the company needs to become more 'efficient and productive' Photo: Darren Staples/Bloomberg.
News that John Lewis is drastically reducing offices comes amid a broader business upheaval.
Dame Chairman Sharon White said the company needs to become "more efficient and productive&# 34;. She is even considering bringing in an outside investor in the business, which is now wholly owned by its employees.
John Lewis is identifying assets that can be sold and has recently begun the process of selling a golf club in Berkshire, which was bought by John Spedan Lewis, founder of the John Lewis Partnership, in 1938 and offers discounted memberships to its employees. The retailer has decided to sell the club due to a reduction in the number of employees using it.
Ms Sharon said the partnership should «accelerate our transformation.» as it increased its cost-cutting plan from £300m to £900m.
The company also recently hired its first chief executive, capital refurbishment expert Nish Kankivala.
John Lewis, who The £350m debt, which needs to be repaid or refinanced over the next two years, is struggling to stem losses from rising in the face of inflationary pressures. In the most recent financial year, losses were over £230m, compared to a loss of £27m last year.
This meant that the retailer was waiving staff bonuses for only the second time in its history. The first one was during the Covid pandemic.
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