Reduced bonus at John Lewis reflects UK retail crisis

UK retailer John Lewis Partnership cut its employee-owners’ annual bonuses to the lowest level in more than half a century, underlining the depths of the crisis in the country’s retail business.

The operator of department store chain, John Lewis, and grocer, Waitrose, said it cut the bonus to reduce debt, maintain investment, and retain cash, as it wrestles with uncertainty over the economy and consumer confidence.