John Lewis to axe 270 jobs

John Lewis to axe 270 jobs

John Lewis is undergoing several changes as the group plans to axe 270 jobs and change its name to “John Lewis & Partners”.

The group will cut back on jobs from 50 stores in IT, finance and store security. Employees were informed earlier this week.

Both John Lewis and Waitrose will rebrand, with Waitrose becoming “Waitrose & Partners”, to highlight the company is employee-owned.

The rebrand will kick off with an advert in which a group of schoolchildren sing Queen’s Bohemian Rhapsody and will end the line “for us, it’s personal”.

It will be the first advert featuring both Waitrose and John Lewis together.

Department stores are struggling amid a difficult trading environment, where groups are pressured to push sales online. Customers are also spending less due to a squeeze on spare cash. 

Last month, House of Fraser collapsed into administration and was shortly purchased sportswear giant Sports Direct (LON: SPD) in a £90 million deal.

Debenhams (LON: DEB) has issued three profit warnings this year and is also cutting jobs.

Shares in Debenhams and Sports Direct dipped slightly after the announcement but remained positive on the day.