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Retail

Waitrose Parent John Lewis Considers Cutting 11,000 Jobs: Report

By Reuters
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Waitrose Parent John Lewis Considers Cutting 11,000 Jobs: Report

John Lewis Partnership, the owner of John Lewis and Waitrose, is considering cutting up to 11,000 staff jobs in the next five years, the Guardian reported on Saturday (27 January).

A minimum of 10% of the staff-owned business's workforce could be affected across the group's head office, supermarkets and department stores, the report said citing sources.

The number of roles are expected to be gradually reduced over the years without any possible replacement, the report added.

John Lewis did not immediately respond to Reuters request for comment.

The British retailer warned it would have to cut staff numbers and scrap any bonus last year after its customers cut back on spending, prompting its annual loss to balloon.

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The 159-year-old retail group has been struggling in recent years amid tough competition and the costs of developing its online offering.

Half-Year Performance

In September of last year, Waitrose & Partners reported 4% year-on-year growth in sales to £3.7 billion (€4.3 billion) in the first half of its financial year.

This performance was driven by 9% in increase in prices and 5% decline in volumes, John Lewis Partnership said.

The company, which operates the John Lewis department stores and the Waitrose supermarket chain in the UK, narrowed its losses before tax and exceptional items by 14% year on year, from £66.8 million (€77.7 million) to £57.3 million (€66.7 million) in the first half.

The following month, the company announced that Sharon White, the chair of British retailer the John Lewis Partnership, will step down early in 2025, having decided not to seek a second term of office. The announcement was made weeks after it warned its turnaround plan would need more time.

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