John Lewis chairman vows to reduce costs without cutting staffing levels
Published Date:
27 August 2008
THE chairman of John Lewis has vowed not to cut any jobs, despite admitting they will have to tighten up on costs during the credit crunch.
Charlie Mayfield, who took charge last year, has reportedly insisted that there would be no "knee-jerk" reaction to tough trading conditions.
He said the business would focus on long-term growth rather than short-term profit, but refused to say where the group would cut costs.
John Lewis employs 69,000 staff across its department stores and chain of Waitrose supermarkets, and Mr Mayfield has insisted that the company will continue to invest in staff.
Mr Mayfield's comments come just days after news that 60,000 Marks and Spencer staff would have redundancy benefits slashed by up to 25 per cent, triggering fears of middle management job losses.
Debenhams executive directors also recently agreed to have their pay frozen in order to help protect the chain's staff from the effects of the credit crunch.
The full article contains 172 words and appears in Edinburgh Evening News newspaper.
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Last Updated:
27 August 2008 11:30 AM
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Source:
Edinburgh Evening News
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Location:
Edinburgh
