If you’re curious about the fate of John Lewis and Waitrose, it’s not good news.
This time last year the partnership, which owns both businesses, admitted its profits were virtually zero. On Thursday it will likely say it is hemorrhaging cash when it updates the City on its half year numbers.
The department store is stubbornly holding on to its “never knowingly undersold” price pledge, which is at the heart of its problems. Because of it, John Lewis has to follow where distressed rivals such as House of Fraser and Debenhams go with their discount bonanza.
Outgoing chairman Sir Charlie Mayfield, who has been with the business for two decades, has so far vowed not to ditch the principle, although...
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