John Lewis prepares to buy back supermarkets in retail push [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
John Lewis is plotting to buy back some of its Waitrose supermarkets as part of a renewed push into retail. Bosses are exploring the option of buying out landlords after building up a £1.5bn cash pile, confident that the company's turnaround is progressing. It marks a significant change in John Lewis's fortunes after the company relied on its sale of a dozen Waitrose supermarkets in 2023 to raise £150m. The strategy about-turn also sets John Lewis apart from some of its private equity-owned rivals in the retail sector. This includes Asda and Morrisons, which have raised billions of pounds in recent years by selling off chunks of their estate. Retailers often use sale-and-leaseback schemes to secure an immediate cash injection, although it then burdens businesses with long-standing rental costs. It is not clear how many Waitrose supermarkets John Lewis wants to buy back, although a senior source said the business was taking an “opportunistic” approach. There are more tha
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