John Lewis scraps bonus for first time since 1953

SourceBBC
SectorEconomy
CountryMiddle east

Image copyright Getty Images John Lewis has confirmed that staff will not receive a bonus for the first time since 1953 after it was hit by lockdown store closures. The retailer - which also owns Waitrose - said it posted a £55m loss for the six months to 25 July after higher costs offset a 1% rise in sales. Its chairwoman told staff on Thursday the announcement "will come as a blow". Even before Covid-19 hit, the chain had warned it might not pay the usual staff bonus as competition ate into profits. The last time that the chain, which operates as a partnership, decided not to pay a bonus to its staff was in the aftermath of World War Two. Chairwoman Dame Sharon ...read more...