Department store chain John Lewis has written down the value of its head office, due to the persistence of working from home and commercial property values.

The retailer, which includes John Lewis and upmarket grocer Waitrose, has written down the value of its London head office by £15.6m, according to new annual account filings.

The move came after the brand shuttered seven floors of its headquarters and “revised” use of its new office building in Berkshire, according to The Times.

The John Lewis Partnership said in May that it would be ending the lease on its 220,000 sq ft head office in London early and would be looking to downsize to a space with only 100,000 sq ft.

A spokesperson said at the time: “Like many businesses, we don’t need as much space now we have a blended approach to working in offices, home and out in the business.”

This year has been a period of upheaval for the brand, after it swung to a £234m full-year loss and cut its staff bonus in March.

Chair Dame Sharon White appointed the partnership’s first chief executive and has also reportedly explored the prospect of accepting outside investment in a shake-up of the retailer’s famous ownership model.