Huge Losses Due to the Coronavirus Pandemic Means More John Lewis Stores Could Close

Huge Losses Due to the Coronavirus Pandemic Means More John Lewis Stores Could Close.

A REPORTED pre-tax loss of £517 million (€603 million) due to the impact the Covid crisis has had on trade, John Lewis have warned of further store closures.

Speaking on Thursday, March 11, Chairman Sharon White said: “There is no getting away from the fact that some areas can no longer profitably sustain a John Lewis store.

“Regrettably, we do not expect to reopen all our John Lewis shops at the end of lockdown, which will also have implications for our supply chain.

“We are currently in discussions with landlords and final decisions are expected by the end of March.

“We will do everything we can to lessen the impact and will continue to provide community funds to support local areas.”

Speaking last month, the John Lewis Partnership said they were preparing to close another raft of department stores as Dame Sharon White announced drastic measures to slash costs – with up to eight John Lewis stores rumoured to be shut permanently.

Rumours were that the chain’s bigger, older shops are most at risk. Last month’s announcement was on top of another eight announced in July last year.

The group, which also owns upmarket grocery chain Waitrose, did not say how many of its 42 John Lewis shops are under threat, confirming it was in talks with landlords and will make a final decision at the end of March.

The group also scrapped its staff bonus for the first time since 1953, as previously reported, after the coronavirus crisis sent it plunging to the hefty loss for the year to January 30 against profits of £146 million (€170 million) the previous year.

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