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(Reuters) - The John Lewis Partnership warned more of its department stores would be permanently closed after the “economic earthquake” of COVID-19 sent Britain’s biggest employee-owned group to a 517 million pound ($721 million) annual loss.
Multiple lockdowns have heaped pressure on store-based groups already struggling with tight margins and intense competition from purely online players.
The 156-year-old John Lewis had already reduced department store numbers to 42, having closed eight last July, impacting 1,300 jobs, as it grappled with the fallout from the crisis.
“Hard as it is, there is no getting away from the fact that some areas can no longer profitably sustain a John Lewis store,” Chairman Sharon White said.
3 Min Read
(Reuters) - The John Lewis Partnership warned more of its department stores would be permanently closed after the “economic earthquake” of COVID-19 sent Britain’s biggest employee-owned group to a 517 million pound ($721 million) annual loss.
Multiple lockdowns have heaped pressure on store-based groups already struggling with tight margins and intense competition from purely online players.
The 156-year-old John Lewis had already reduced department store numbers to 42, having closed eight last July, impacting 1,300 jobs, as it grappled with the fallout from the crisis.
“Hard as it is, there is no getting away from the fact that some areas can no longer profitably sustain a John Lewis store,” Chairman Sharon White said.
3 Min Read
(Reuters) - British American Tobacco said on Thursday it will buy a nearly 20% stake in Canada-based cannabis producer Organigram for about 126 million pounds ($175.8 million) as it seeks to expand beyond its main tobacco business.
FILE PHOTO: A cannabis plant is seen in a field at Hermel, Bekaa, Lebanon, July 31, 2013. REUTERS/ Mohamed Azakir/File Photo
Organigram grows cannabis and makes cannabis-derived products in Canada, where marijuana was legalised in 2018.
Big tobacco and liquor companies in North America have already made large investments in the nascent industry, with cannabis seen as a less harmful alternative to cigarettes.
With top Democratic lawmakers in the United States also promising to decriminalise marijuana use, analysts and experts predict record investment in the industry this year.
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