Audio By Carbonatix
Sainsbury's is to cut 3,500 jobs with the closure of 420 Argos outlets and all its meat, fish and deli counters.
The 420 standalone Argos stores will close by March 2024, although Sainsbury's said it would open 150 Argos outlets in its supermarkets.
Boss Simon Roberts said Sainsbury's was responding to changing consumer habits and the growth of online shopping.
Sainsbury's to cut 3,500 jobs and close 420 Argos stores - more bad newshttps://t.co/MGgh3sdAsd pic.twitter.com/aN0fT8eaZc
— ABG Accountancy (@ABGaccountancy) November 5, 2020
He said the counter closures was a response to lower customer demand and a desire to reduce food waste.
The supermarket also reported half-year results, revealing a ÂŁ137m loss which it blamed on closures and "market changes".
It comes on the day England enters a second lockdown, which Sainsbury's said would continue to accelerate "a number of shifts in our industry" as it expands its online and digital operations.
Sainsbury's, which bought Argos in 2016, said in its statement that the 120 standalone Argos stores that had not reopened since they were closed in March would now shut permanently.
By the end of the restructuring programme, Sainsbury's said it expected the total number of standalone Argos outlets to be about 100. The restructuring will save about ÂŁ600m by 2024, the grocer said.
In addition to the 150 Argos stores it plans to open in its supermarkets by 2024, it also plans a further 150-200 collection points.
Latest Stories
-
Anthony Joshua declines showdown with Tyson Fury but admits they ‘probably’ clash next
2 minutes -
Tyson Fury dominates Makhmudov, calls out Joshua next
21 minutes -
I have supported highway authority financially to fix roads in my constituency – A PlusÂ
1 hour -
US, Iran fail to reach peace agreement after marathon talks in Pakistan
2 hours -
ECG kicks off Phase Two of transformer upgrades at Lashibi; brief outages expected
2 hours -
Port crises loom as 11,000 drivers threaten four-day strike
3 hours -
A source of excellence across generations – Vice President Opoku-Agyemang lauds Mfantsipim
4 hours -
(Photos) Mfantsipim School launches historic 150th anniversary
4 hours -
Knights and Ladies of Marshall group backs Catholic Bishops’ stance on anti-LGBTQ+
5 hours -
Bright Simons writes: All the Filla in the Ibrahim Mahama/E&P – Gold Fields Saga
6 hours -
Monetise Idiocy In Ghana
6 hours -
The Ghanaian prophet and the mysterious death of his scottish wife Charmain Speirs
7 hours -
Nearly 400 sentenced in Nigeria for links to militant Islamists
7 hours -
Ghana’s recovery supported by gold strength despite global oil price pressures – Standard Bank Research
7 hours -
Methodist Church hails Mfantsipim@150; calls for “fresh consecration” to excellence
8 hours