Sainsbury's, the second largest supermarket chain in the U.K. is considering selling as many as 20 stores in their Southeast operating region to raise close to $600 million.  Proceeds from the sale and leaseback transaction will fund the purchase of 21 stores owned by small competitor Highbury and Dragon.

Sainsbury’s, along with all other retailers, is bracing for a difficult winter with consumers reducing food purchases as they are faced with exceptionally high utility bills estimated to be between two-and threefold their equivalent payments in 2021.