John Lewis to scrap staff bonus and cut value of stores by £470m
Move follows loss of £55m at department store chain as Covid-19 crisis offsets ‘creditable performance’
John Lewis is scrapping its annual staff bonus for the first time in 67 years after warning that it could be in line to record its first ever annual loss since the employee-owned business was set up in 1920.
The retail group, which includes Waitrose supermarkets, crashed £635m into the red in the first half of the year. The bulk of that decline was the result of a one-off charge, as the group wrote nearly £500m off the value of its department stores because they are no longer as profitable.