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 writing down the value of its department stores by nearly half a billion pounds and will scrap the staff bonus as it warned it would make little or no profit this year.

The staff-owned retail group, which includes Waitrose supermarkets, reported a first half loss of £55m as the costs of the coronavirus pandemic offset a 1% rise in sales.

Continue reading…