John Lewis CEO tells staff business model needs fast reform
What: The retailer’s new CEO has told staff that transformations will be happening quickly, without disclosing details.
Why it is important: John Lewis Partnership has GBP 1.7 billion in debt and faces increasing competition from its competitors, M&S and Next.
The UK retailer will be moving quickly to reform its business model after the newly appointed CEO stated that the way the Partnership does business needs to change in order to be more efficient and affordable.
The CEO’s comments come days after the partnership denied reports of partial demutualization in an attempt to raise between GBP 1 billion and GBP 2 billion of new investment.
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