Explanation:

Sale leaseback is a type of balance sheet restructuring where a company sells an asset (typically real estate or equipment) and then leases it back from the buyer. This transaction:

• Improves liquidity by converting fixed assets into cash
• Reduces debt on the balance sheet
• Maintains operational use of the asset through the lease arrangement

Why not the others:

• Franchising (A) is a business expansion strategy, not a balance sheet restructuring
• Outsourcing (B) is an operational restructuring that affects cost structure, not the balance sheet directly

Sale leaseback transactions are commonly used to optimize capital structure and improve financial flexibility.