Sainsbury’s has also announced 3,500 job cuts, both from its Argos stores and its own in-store food counters, as its posts a £137m half-year loss.
Some 420 stand-alone Argos stores have been earmarked for closure by March 2024 according to owner Sainsbury’s. The supermarket chain has, however, announced intentions to open 150 new Argos outlets within Sainsbury’s stores.
The move means substantial job losses are on the cards. Sainsbury’s is also making job cuts due to the closures of its in-store delicatessens and fresh fish and meat counters.
As reported by the BBC, the company also posted half-year results revealing a £137m loss which it blamed on closures and ‘market changes’
Retail correspondent Jonathan Ely seems to believe the move reflects the shift to online and click & collect retail seen during the pandemic.
Long-predicted cull of Argos stores now announced – almost 4/5ths of them will shut by 2024.
During last lockdown Argos sales went up even though all 580 stores were closed. Only one conclusion from that!
— Jonathan Eley (@JonathanEley) November 5, 2020