Future Of British Business
John Lewis Cancels Employee Bonus as Losses Mount
- Department store chain skips bonus for second time in history
- Waitrose saw sales fall, big writedown on value of stores
This article is for subscribers only.
John Lewis Partnership Plc canceled staff bonuses for the second time in three years and warned of fresh job cuts after reporting a large loss amid intense competition in the British retail market.
The owner of the John Lewis department store and upmarket grocer reported a £234 million ($283 million) loss for the full year, driven in large part by a big writedown on the value of its struggling Waitrose stores. It’s only the second time since 1953 that staff haven’t received a bonus.