The 85,00 employee-shareholders at Waitrose/John Lewis should rise up and force the management to sell the business so they could pick up £30,000 each.
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If I were working the till at Waitrose I would be looking at Morrisons being flogged to American vultures (sorry private equity) for £6billion with much longing.
What is unusual about Waitrose and its sister company John Lewis is that they are owned by the staff. Until the last year the benefit for the workers is that they shared in the profits often amounting to nine weeks pay.
All that has changed. The bonus has been scrapped as there is no cash to pay for it. John Lewis is a basket case as the department store model is completely out of fashion and the management is no better.
They employed a complete dud in Dame Sharon White who had various jobs in the civil service before joining the group and has been splashing around in the dark ever since.
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There was a preposterous story in the Sunday Times today suggesting they were going to turn their car parks into flats and rent them out. So where are the shoppers going to park? Forget it.
What the article does show is that the company needs a new idea and if I were on the shop floor mine would be to sell the business.
There are 85,000 employees/shareholders in the group and a back-of-the-fag packet analysis makes it worth around £2billion.
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At the top end each employee would pick up around £20,000. And they would still have their jobs once the sale has gone through.
Sharon could back paper pushing at the civil service and Terri on the till could go on the holiday to Hawaii she had always promised herself.
The workers should rise up and force the pisspoor management to sell out. Everybody would be a winner.
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