John Lewis to close eight more stores, putting 1,500 jobs at risk
March 24, 2021, 12:08 pm

John Lewis to close eight more stores, putting 1,500 jobs at risk

John Lewis will make ‘every effort’ to find new jobs for those affected by the latest store closures, including at its Waitrose supermarkets business.

Department stores in York, Peterborough, Sheffield and Aberdeen to shut and ‘at home’ shops in Ashford, Basingstoke, Chester and Tunbridge Wells

John Lewis has confirmed plans to permanently close eight more outlets, including department stores in York, Peterborough, Sheffield and Aberdeen, with the potential loss of almost 1,500 jobs.

The company, which reported it first-ever full-year loss earlier this month, said it would also permanently close four “at home” stores, in Ashford, Basingstoke, Chester and Tunbridge Wells. All stores are currently closed because of the government’s coronavirus high street lockdown but will not reopen when the rules change on 12 April.

The latest closures come after John Lewis permanently shut eight stores in 2020 amid a shift to online shopping, which has been accelerated by the Covid-19 pandemic. Online trading now accounts for three-quarters of the department store’s sales.

The company said that department stores remained important to provide a “sensory experience” not available online. However, it said that cutting down on the number of stores would enable it to invest more in the 34 remaining outlets.

Sharon White, the chairman of John Lewis Partnership, the department stores’ parent group, said: “Today’s announcement is incredibly sad news for our affected partners, for our customers and for the communities we’ve served over many years.

“The high street is going through its biggest change for a generation and we are changing with it. Customers will still be able to get the trusted service that we are known for – however and wherever they want to shop.”

The company said it would make “every effort” to find new jobs for those affected, including at its Waitrose supermarkets business. Those who leave the company will have access to a £3,000 retraining fund and payments of two weeks’ pay for every year of service, regardless of age. Those with less than one year’s service who leave on grounds of redundancy would receive one week’s contractual pay.

The company will also be outsourcing its Waitrose distribution centre in Leyland to the logistics firm XPO, affecting 436 staff. Those workers will no longer be “partners” with access to the group’s annual bonus but be transferred to XPO this summer.

The company said Leyland remained and important part of its operation but “remains significantly underused”.

source: Sarah Butler

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.