JOHN LEWIS CONSULTS ON 200 JOB CUTS IN STORE CLOSURES

John Lewis is consulting on redundancies affecting approximately 200 staff members as it plans to close in-store money exchange services and dedicated gift wrapping areas. The retailer stated that no final decision has been made, but job cuts would be implemented in autumn if the redundancy proposals are approved following consultation. Money exchange closures will affect 30 stores, whilst gift wrapping service closures will affect 25 stores. John Lewis said it would support affected staff throughout the consultation process and assist with redeployment where possible.

The retailer attributed the decision to close foreign exchange bureaus to declining demand, noting that customers increasingly order foreign currency online for in-store collection. The company also reported that some customers are choosing to use credit cards or digital payments whilst travelling abroad instead of exchanging currency. Gift wrapping services will be relocated from dedicated areas to till points, which John Lewis characterised as making the service more accessible. The company stated the changes reflect efforts to modernise its proposition to meet changing customer needs.

John Lewis has undergone substantial restructuring under chair Jason Tarry, who took over in 2024. The retailer closed its housebuilding division in February, which resulted in further job losses. In March, John Lewis announced it would award staff a bonus for the first time in four years, following improved profits and sales. The company's latest financial results showed a pre-tax loss of £21m due to £120m in one-off costs, primarily related to write-downs in legacy technology systems, though underlying profits rose 6% to £134m.