// John Lewis to announce 1500 job cuts as soon as this week
// The parent company of John Lewis and Waitrose seeks to save costs amid Covid-19
// The Partnership revealed its five-year turnaround scheme in early November
John Lewis Partnership is expected to confirm 1500 job cuts as soon as this week in an effort to save costs.
The parent company of John Lewis department stores and Waitrose supermarkets is due to formally announce the redundancies after completing a consultation process with staff.
The process was first announced in early November, when the Partnership revealed the latest phase in its five-year turnaround scheme.
READ MORE: John Lewis Christmas sales “held up better than anticipated”
John Lewis Partnership is said to have contacted individual workers on Wednesday to tell them if they are risk of redundancy, as it seeks to save £50 million as part of a wider £300 million cost-saving target.
The job cuts will affect staff at its head office sites in Victoria, London, and Bracknell, Berkshire.
The retailer said the “difficult but necessary” changes will support it in delivering its five-year Partnership Plan.
John Lewis Partnership added that the company will seek to redeploy workers affected by the cuts and will provide redundancy support and funding for retraining for those staff unable to be offered new roles within the group.
Those cuts come on top of plans to close eight John Lewis stores with the loss of 1300 jobs and the further closure of four Waitrose stores, affecting 124 staff.
The redundancies are due to take place despite John Lewis Partnership’s Black Friday and Christmas sales holding up “better than anticipated”.
The company said on Friday it now expected its profits to be ahead of guidance provided in September when it forecast a small loss or a small profit for the 2020/21 period.
The group also said it had decided to repay a Covid-19 loan of £300 million to the government two months early as it believes it has sufficient liquidity for the future.
Retail Gazette has contacted John Lewis Partnership for comment.
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