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Under the plan, stores currently operating under the Auchan banner will be run by the new joint venture and rebranded as Intermarché or Netto.
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Harvey Nichols has stores in Birmingham, Bristol, Dublin, Edinburgh, Leeds, London and Manchester.
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The reductions cover apparel, groceries, household essentials, outdoor living, and toys.
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To stand out, retailers are reimagining stores as "third places"—spaces outside the home and workplace where people feel comfortable spending time.
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Päällysaho currently serves as senior vice-president for groceries at Helsinki-headquartered retailing cooperative SOK.
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The company said consolidated net revenue is also expected to increase at close to 30%, pointing to one of its better quarterly performances in recent times.
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People familiar with the matter told the FT that Francis is discussing both a potential valuation and the size of any repurchase with the US buyout group.
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