John Lewis is looking to halve the size of its London office as thousands of its employees now work from home.
The John Lewis Partnership, which also owns Waitrose, has hired property experts Tuckerman to find new offices half the size of its current 220,000 square foot headquarters in Victoria, London.
It comes as the retailer reported an annual loss of £234m and warned of job cuts earlier this year, saying inflation had hit the business “like a hurricane”.
But the company claimed the downsizing was not a cost-cutting exercise and was the result of more staff working from home after Covid.
A spokesperson for John Lewis said: ‘We announced last year that we are moving to a new office in London which better suits our needs when our current lease ends next year.
The John Lewis Partnership, which also owns Waitrose, has hired property experts Tuckerman to find new offices half the size of its current 220,000 square foot headquarters in Victoria, London (pictured)
“Like many companies, we don’t need as much space, we now have a mixed approach to working in offices, at home and outside the company.
“As our office space requirements decrease, we also plan to reduce our occupancy costs.”
John Lewis chairman Dame Sharon White, 55, recently said the partnership was to “accelerate our transformation” and was seeking to raise £1bn and £2bn in new investment.
Dame Sharon also hired John Lewis’ first managing director, Nish Kankiwala, to help revive the company’s fortunes.
John Lewis has £350m of debt that needs to be paid off or refinanced over the next two years and he is struggling to stop losses in the face of inflation.
John Lewis chairman Dame Sharon White (pictured), 55, recently said the partnership was to ‘accelerate our transformation’ and was seeking to raise £1bn and £2bn in new investment
The John Lewis Partnership is the largest employee-owned company in the UK with its retail brands – John Lewis and Waitrose – held in trust by its 80,000 partners.
It has 34 John Lewis stores plus one outlet and 332 Waitrose stores across the UK, along with its retail websites.
Origin: | This article originally belongs to Dailymail.co.uk