John Lewis to close foreign exchange desks, risking 200 jobs

John Lewis is to close its in-store foreign exchange desks and gift wrapping services which could result in the loss of 200 jobs.

According to The Telegraph, the retailer has launched a redundancy consultation as part of a drive to save costs. This follows the retailer reporting a pre-tax loss of £21 million last year after one-offs, including the write-down of old technology.

The proposed plans include shutting bureau de change desks in 30 stores and removing gift wrapping services from another 25.

With the changes due to be implemented in the autumn, the retailer said the move away from in-store foreign exchange reflects a shift in customer behaviour due to more shoppers preferring to buy their travel money online or via smartphone apps.

A John Lewis spokesperson told The Telegraph: “Our customers are increasingly buying the broad range of currencies we offer online, and enjoying the convenience of having this delivered directly to their home or collecting it at one of our shops.”

The retailer also said it had not yet decided how many staff would be made redundant but would try to redeploy staff in other parts of the business where possible.