John Lewis chairman Charlie Mayfield has vowed not to slash jobs at the department store group, despite the credit crunch forcing some businesses to cut staff costs.
Mayfield said told Personnel Today that the retailer would continue to persue its plans to double the number of stores and not make "knee-jerk" reactions to the credit crunch.
He said: "There will be no job cuts. We are a business, we believe in pursuing a long term approach to growing the business – we are not into making knee-jerk cuts in staff costs just to protect short-term profit. Our ownership structure is the key here, because we are owned by our long term partners. They want us to take a long-term approach, not a short term one."
Last week it was reported that Marks & Spencer plans to slash redundancy benefits for 60,000 staff by up to 25%, while it emerged at the weekend that executive directors at Debenhams have agreed to have their pay frozen to help bear the brunt of the credit crunch.