High street in trouble as John Lewis reports 99% fall in profits
High street retailer John Lewis has reported a 99% fall in pre-tax half-year profits.
The retailer has blamed "the most promotional market in a decade" for the slide in its profit.
It comes just weeks after fellow department store brand House of Fraser announced it is in financial difficulty with bosses vying to secure takeover bids to save the company.
The John Lewis Partnership, warned in June that it's half-year profits were set to be "close to zero". It blamed heavy reinvestment in its business for the faltering profits. Bosses said that five Waitrose stores, which are owned by John Lewis, would close to help the business weather the financial storm.
Last month, John Lewis rebranded itself as John Lewis and Partners, with Waitrose adding the same suffix, a move it says re-enforces the importance of its 85,000 members of staff who help run the business.
This is a breaking story, this page will be updated as more details become available.