UK department store chain John Lewis Partnership is reported to be preparing to close a further eight stores as the retailer continues to find ways to cut costs.
A report in The Sunday Times suggest up to eight John Lewis stores could close permanently, with the group’s larger and older stores expected to be most at risk. The final number has not yet been determined as the retailer is understood to be in negotiations with landlords.
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A spokesperson for the Partnership, however, declined to comment on the reports.
In December, John Lewis shelved plans to expand internationally. It is thought the retailer decided its international business was too costly, as it looks to accelerate plans to cut costs across the business.
Like many retailers, the Covid pandemic has hit John Lewis hard. It revealed a loss before tax in the first half of GBP635m (US$822m). Shops took a GBP200m sales hit and it announced staff would not be paid a bonus, the first time a bonus has been halted since 1948 following the Second World War.
In October it set out a five-year plan aimed at delivering GBP400m (US$517.8m) profit by 2025 and investing in more digital and virtual shopping services.
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By GlobalDataAs part of its digital push, the group is committing GBP1bn over five years to accelerate its online business and transform its shops.
Last month, however, the Partnership raised its full-year profit forecast on the back of a better than expected festive trading season.
