SATURDAY, 8 AUG 2020

 

CONNECT

Facebook Linked In Twitter
Compliance_29/01-24/09_728x90px
GloriaJeans_266x90px
IMH LTD

Kostrikis: In Three Weeks We Should Return To Pre-Outbreak Epidemiological Levels

Talks On ‘Yishai’ Gas Field On Track Says Cypriot Energy Minister

IMH LTD

INTERNATIONAL

brought to you by CIPA

John Lewis to Close Eight Stores Permanently

John Lewis to Close Eight Stores Permanently

John Lewis has announced it is permanently closing eight of its stores, putting 1,300 workers at risk, the BBC reports.

The retailer said it had to "secure the business's long-term future and respond to customers' shopping needs".

Department stores in Birmingham and Watford will not reopen as the coronavirus lockdown eases.

At Home stores in Croydon, Newbury, Swindon and Tamworth will also shut down, as will travel sites at Heathrow airport and London St Pancras.

The move comes a day after Chancellor Rishi Sunak announced measures aimed at safeguarding jobs amid the downturn, including a one-off £1,000 payment to employers for every furloughed employee retained to the end of January 2021.

John Lewis had warned in March it could close shops as a plunge in profits forced it to cut staff bonuses to their lowest level in almost 70 years.

It said the eight stores affected were already "financially challenged" even before the pandemic struck.

However, Covid-19 had caused customers to move more quickly towards online shopping and away from stores.

John Lewis Partnership chairwoman Sharon White said: "Closing a shop is always incredibly difficult and today's announcement will come as very sad news to customers and partners.

"However, we believe closures are necessary to help us secure the sustainability of the partnership - and continue to meet the needs of our customers, however and wherever they want to shop."

White said John Lewis would do everything it could to keep on as many people as possible.

The John Lewis Partnership is owned by its staff - known as partners - who usually receive a bonus each year.

This year, staff bonuses were set at 2%, the lowest since 1953 when it paid no bonus.

Profits at the partnership dived by 23% last year to £123m - the third year in a row that profits have fallen - as it continued to struggle with the slowdown in consumer spending.

Despite the chancellor's back-to-work bonus announced on Wednesday, millions of workers could still end up out of work.

Union leaders warned that job losses would "gather pace" while economists predicted "a rapid rise in unemployment".

They warned that incentives to save jobs were not large enough to persuade bosses to keep workers.

Sunak warned of "a significant impact on unemployment and on job losses".

He told BBC Breakfast: "Is unemployment going to rise, are people going to lose their jobs? Yes, and the scale of this is significant.

"We are entering one of the most severe recessions this country has ever seen. That is, of course, going to have a significant impact on unemployment and on job losses."

Later, he told Sky News: "I've been very clear that we are not going to be able to protect every single job and it would be wrong of me to pretend otherwise."

 

 

MORE ON INTERNATIONAL

EU Secures Treatment Doses Of Veklury For COVID-19

In a press release, the EU announced today that a contract has been signed with the ...

Tesla Growth Continues Despite Economic Upheaval

Electric car maker Tesla has shrugged off the economic upheaval caused by the pandemic to ...

Uber Drivers To Launch Legal Bid Against App Over Data Use

Minicab drivers will launch a legal bid to uncover secret computer algorithms used by ...

FROM AROUND GOLDNEWS

   

The Legal Profession Under The Microscope

The 2nd Cyprus Legal Conference, organized online by IMH, takes place on Wednesday 9 September, 2020 at 16:00. The Conference will host speakers from Cyrus and ...
   

Minthis Property Collection And The Design Diversity

Pafilia is always at the forefront of innovation in the real estate market thanks to its visionary approach and the determination to push boundaries. With the ...
   

Cyprus, France to Boost Defense Ties Under Cooperation Deal

A Defence Cooperation Agreement between Cyprus and France has entered into force on August 1. With the agreement the two countries` cooperation in the fields ...
   

Leondios Kostrikis: In Three Weeks We Should Return To Pre-Outbreak Epidemiological Levels

The virus that causes COVID-19 has become more adaptable, Dr. Leondios Kostrikis, Professor of Molecular Biology at the Department of Biological Sciences of ...
   

Talks On ‘Yishai’ Gas Field On Track Says Cypriot Energy Minister

Cyprus-Israel talks seem to be on the right track regarding Israeli "Yishai" gas field adjacent to Cyprus’ "Aphrodite" field, as ...
   

New Book By Blair Sheppard, Global Leader For Strategy & Leadership Of The PwC Network

The new book by PwC's Global Leader for Strategy and Leadership, Blair Sheppard entitled “TEN YEARS TO MIDNIGHT: Four Urgent Global Crises and Their ...
   

EC Opens Investigation Into Proposed Acquisition Of Fitbit By Google

In a press release, the European Commission announced yesterday it has opened an in-depth investigation to assess the proposed acquisition of Fitbit by Google ...
   

The 4th Project Management Conference: Digital Edition

The Project Management Institute (PMI) Cyprus Chapter is organising the 4th Project Management Conference on 26 November 2020, from 15:00 to 17:00. ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Expo_29/06-24/09_300x250px
Cyprus Annual Legal Firms

IMH LTD