Retail slump | John Lewis slashes employee bonuses

With the threat of Brexit looming over the British economy and the ever-growing shift to online e-commerce, brands once considered giants of the UK high street are announcing more drastic measures to stay afloat in a volatile sector.

Today, John Lewis confirmed that it will slash its once-championed employee bonus scheme for its 83,000 retail workers – The Guardian reports.

The brand’s roots in retail go as far back as 1864, but a recent profits slump and a poor Christmas retail period has left the chain in a state of emergency.

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Chairman of the John Lewis Partnership Sir Charlie Mayfield told The Guardian that times were so tough that the company would “need to consider carefully…whether payment of a bonus is prudent,” ahead of Britain’s departure from the EU.