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Next seeks buyer for HQ and warehouses

Next is seeking buyers for its HQ and three warehouses as it tries to raise cash to survive the coronavirus shutdown.

The retailer has appointed Savills to find a buyer for its head office in Leicester and Acre to oversee the sale of the three warehouses. All would be subject to sale and leaseback deals.

Next, which is also expected to delay a shareholder dividend worth £147m, hopes to raise up to £100m from the deal.

The retailer is also seeking 40% rent cuts on 53 of its stores, while closing 12 and relocating five.

The Guardian

 

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