Asda to raise £568m in store sell-off as sales continue to fall

Allan Leighton, Asda’s chair, unveiled his turnaround plan for the group in March. Photograph: Asda

Asda is selling off 24 stores and a distribution centre – and leasing them back – to raise £568m in what has been called a “sign of weakness” as sales at the heavily indebted retailer continue to fall.

The Leeds-based supermarket group, which is expected to release its quarterly results next week, has continued to lose market share to rivals as sales have gone backwards, despite an effort to win over shoppers with price cuts and improved stores.