Major John Lewis shake-up looms as inflation hits ‘like a hurricane'

INFLATION hit John Lewis “like a hurricane”, chairman Sharon White admitted today, as she set out plans to rescue a British retail icon.

- Simon English

The John Lewis Partnership plunged to a loss of £234 million for the year, and said it could not afford to pay staff their traditional bonus.

White said it had been a “tough” time. “Inflation hit us like a hurricane, but customers are staying loyal to us.”

Job losses now seem likely, with White noting: “As we need to become more efficient and productive, that will have an impact on our number of partners.”

She insists the balance sheet remains strong, with £1 billion of cash on hand, but there is no doubt there are concerns about the future of what has often been regarded as the best and perhaps most loved retailer in Britain.