// Waitrose has pulled out of talks to buy a stake in Planet Organic
// A deal would have seen Waitrose inject millions of pounds into the organic supermarket for a signicant shareholding
Waitrose has called off talks to acquire a stake in organic supermarket chain Planet Organic.
The upmarket grocer terminated discussions about a possible deal late last week, Sky News reported.
An agreement would have seen Waitrose inject millions of pounds into the organic supermarket chain in exchange for a significant shareholding, retail industry sources said.
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The decision to pull out of discussions comes as John Lewis Partnership reported a £234m loss for the year to January 28.
As a result of growing financial pressures, chairwoman Sharon White is exploring the possibility to sell a minority stake in the mutual model.
Planet Organic, who hired advisors last month, is now seeking alternative sources of funding to support the next phase of its current growth plans.
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