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John Lewis Expected To Close More Stores

John Lewis Stratford 725 x 500.jpg

Over the weekend, The Sunday Times reported that the John Lewis Partnership is intending to make more store closures to cut costs.

It is thought that around eight John Lewis stores are at risk of closure, although a final decision has yet to be made as the retailer is still understood to be negotiating with landlords.  The Sunday Times reported that the older and larger stores are most at risk, but indicated that relocation to smaller sites is a possibility in some instances.

The John Lewis Partnership recently confirmed that it repaid its £300m HM Treasury and Bank of England Covid Corporate Financing Facility earlier than the due date, and raised profit guidance.

In November 2020, the John Lewis Partnership announced its intention to reduce headcount at its head office by 1,500, following the October announcement of the 'Partnership Plan' - the next phase of the retailer's five-year plan to return the Partnership to sustainable profits by 2025.

Eight permanent store closures were confirmed in July 2020, impacting the jobs of around 1,300 staff.

The next scheduled update on the Partnership's trading performance is expected on March 11th.

Source : Insight DIY Team

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22 February 2021

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