Sainsbury’s has unveiled strong underlying results at the half-year mark as it revealed plans to streamline its Argos stores estate and shutter food counters in store, putting 3,500 jobs at risk.
Sainsbury’s plans to close 420 Argos stores by 2024 alongside shuttering its meat, fish and deli counters due to reduced customer demand, with 3,500 jobs at risk as a result.
The grocer will add a further 150 Argos shop-in-shops to its supermarkets, of which there are currently 315, alongside up to 200 more collection points on top of the current 296. The planned Argos store closures will leave 100 standalone stores in total.
Sainsbury’s said it has an “excellent track record” of finding alternative roles for colleagues, having retained 90% of staff when it acquired Argos in 2016.
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