John Lewis Partnership are now reportedly considering an outside investor to help to finance and launch a joint venture that would reduce its reliance on retailing.
The struggling retailer is also mulling the possibility of never reopening some of its less profitable department stores once the coronavirus lockdown is lifted. Dame Sharon White, the group’s chairwoman is behind these plans and hopes to introduce further strategic changes in response to the pandemic.
All 50 John Lewis stores have been closed since March 23, however its Waitrose grocery stores continue to trade. Dame is considering drafting in an outside investor to back a joint venture focused on services rather than retail.
However, any plan to raise capital by inviting an investor to buy a stake directly in the group is regarded as impractical because it is owned by a trust on behalf of employees. If plans were to go ahead, it would dilute employees’ stake.
Last week, John Lewis handed almost £1 million (£939,773) in a payout to its former managing director Paula Nickolds. The payout was in respect of her notice period, contributions to her legal fees and career development support.
