John Lewis warns of more store closures when lockdown ends after posting £517m loss

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy John Lewis has warned staff it will permanently close more stores after the “most challenging year in the partnership’s history”. John Lewis chair Sharon White said: “Hard as it is, there is no getting away from the fact that some areas can no longer profitably sustain a John Lewis store.” Last year, John Lewis launched a radical overhaul of its business that included a proposal to move into housing and to expand its financial services business. “John Lewis has managed to weather the Covid-19 storm quite well thanks to a fairly mature online offering and a diversified portfolio of products, including many categories that have seen increased spending during the pandemic – household, furniture etc.” While some analysts have predicted the end of department stores on UK high streets, Mr Elliott said they still have a role to play. “If well targeted and curated, they have the opportunity to open up to promote new designers, alternate product lines and such; things that you can’t get from shopping at individual retail stores.” John Lewis confirmed it intended to keep the money it saves from a three-month extension to business rates relief announced by Rishi Sunak last week.