John Lewis Retail Group, which is 100% owned by its employees, is reportedly considering diluting its shareholding structure.

Its chairman, Sharon White, is in the early stages of exploring plans to change the retailer’s mutual structure so it can try to raise between £1bn and £2bn of new investment, the Sunday Times reported.

The report said the company would only consider selling a minority stake, as its priority would be to maintain majority employee ownership, and any outside investor would have to share the partnership’s employee-centric values.

Any changes would have to be voted on by the Retailer Partnership Council of about 60 employees, the report said.

John Lewis did not respond to Reuters’ requests for comment.

The company that runs John Lewis department store and supermarket Waitrose said on Friday it would do so Reduction of staff numbers and scrap bonuses this yearFlagging an uncertain outlook as customers struggle with inflation.

White warned of job losses after the group posted a worse-than-expected full-year loss of £230m. Higher rent, energy, labor and fuel bills added £180m to costs and helped push the group into its second full-year loss in its history.

White apologized to employees known as partners for not paying annual bonuses for only the second time since 1953 and said the outlook was uncertain because inflation was still around and consumer confidence was declining. As it grew, it remained subdued.

Reuters contributed to this report


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