John Lewis Partnership has agreed to a £125m deal to sell 11 of its Waitrose stores to investment firm M&G.
The business will leaseback the supermarkets, which are predominantly located in the south of England, on 20-year inflation-linked contracts.
The deal comes as the partnership is looking to raise additional cash to fund its turnaround plan, which suffered a two-year setback due to inflationary pressures.
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It was reported the company had put a dozen of its Waitrose supermarkets up for sale in September with the hopes of raising £150m.
The Partnership revealed it was stepping up its turnaround efforts earlier this year when it emerged the business was planning to cut more than 10% of its workforce or 11,000 jobs over the next five years as it plans to reduce its cost base by £900m.
It is understood the number of roles in the business is expected to gradually reduce over several years via redundancies and not replacing staff who leave.
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