Prominent retail consultant and broadcaster Mary Portas has published an open letter accusing department store operator John Lewis of ‘losing its soul.’

The company is currently considering a change to its model of employee ownership, publishing a statement last week confirming it is considering selling a minority stake in the business. Following poor results which contained ballooning losses of £234 million, the company said that it would scrap any bonuses this year and cut staff numbers.

In her letter, Portas writes: "John Lewis and Waitrose… have been synonymous with fair values and trust for generations.

"Somehow, in recent years, you've let go of the soul. We've all felt the subtle but powerful, erasure of what John Lewis is, a severing of what's always set your business apart.”

She goes on to accuse the company of "chasing the new" and abandoning its unique qualities such as its 'Never knowingly undersold' pledge.

Portas draws a comparison with US department chain Dillard's whose stock "has outperformed Apple", saying that the reason the company has maintained a positive direction is because of its family owners who "walk the shop floor" and have "resisted calls to knee-jerk change".

The 'queen of shops' concludes her letter by calling on John Lewis to fight for its "heart and soul" to avoid going the ways of other UK juggernauts such as Laura Ashley and Woolworths.

Responding to the letter, John Lewis chairman Sharon White said: “Our Partners (employees) who own the business are our greatest asset and our ownership of the Partnership will remain. We've always been open to new partnerships with investors or like-minded companies to share our growth.”

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