John Lewis staff will forgo their usual annual bonuses after the British retail group posted a £78million loss last year.
This is only the second time in its long history since 1953 that employees have not received financial assistance.
The group, which runs the department store chain and Waitrose supermarkets, is currently facing mounting costs and unprecedented losses.
John Lewis posted a multimillion-pound loss before exceptional items for the year to 28 January.
It represented a slump from a profit of £181m last year, with bosses blaming “inflationary pressures”.
In a letter to staff, Chair Dame Sharon White said: “You have been exceptional in what has been another very difficult year.
“Two years of pandemic and now a livelihood crisis.
“Inflation has had a major impact on the partnership and has pushed up our costs – almost £180m more than last year.
“All in all, this has led to a difficult set of results. We made a loss of £78m.
“I’m sorry the loss means we won’t be able to share a bonus or do as much on pay as we’d like this year.
“We will continue to help with living expenses in other ways – the grant fund remains at £800,000 (a doubling) and there is support for travel, childcare and living expenses.”
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https://metro.co.uk/2023/03/16/john-lewis-staff-to-miss-out-on-bonus-for-only-the-second-time-in-70-years-18451833/ John Lewis employees are missing out on a bonus for the second time in 70 years