John Lewis staff pension fund drops by £2.8 BILLION over boss' new plans to ... trends now
View
comments
The staff pension fund at John Lewis has lost almost £3 billion as the troubled retailer lurches from one crisis to another.
News of the debacle comes after controversial plans by embattled boss Dame Sharon White to turn around the loss-making partnership sparked a furious backlash.
White is looking to raise as much as £2 billion for the firm, which includes 34 John Lewis department stores and 332 Waitrose supermarkets.
But it is feared that bringing in outside investment will mark the end of the firm's much-vaunted employee ownership model, where staff share profits and have a say in how the business is run.
'Queen of the High Street' Mary Portas has accused White of 'letting go of the soul' of the business, describing John Lewis as 'one of the most valued, loved and trusted brands this country has'.
And former boss Andy Street said it would be a 'tragedy' if White's plans
