SAINSBURY’S has announced a radical restructure of its stores in a £500m cost-cutting measure.
Here’s what we know about the closures, who owns the stores and how many Argos branches will be affected…
Sainsbury’s will shut 55 stores across the UK over the next five years, as well as 70 Argos branches, the supermarket has announced.
The chain plans to integrate more Argos stores into its supermarkets as part of a £500m cost-cutting plan.
The grocer will close up to 15 supermarkets and 40 of its smaller “Local” convenience stores by 2024, plus 70 Argos shops.
But it will also open 10 supermarkets during this time, as well as 110 new “Local” branches.
It will also open 80 new Argos stores inside Sainsbury’s supermarket branches.
The one-off cost of the closures will be between £230million to £270million.
But it said the closures will deliver a profit of £20million a year.
Sainsbury’s has owned Argos since September 2016 when Home Retail Group agreed to be taken over by the supermarket for £1.4billion.
The supermarket said it’s focusing on improving grocery performance after sales increased by 0.6 per cent from April to June.
Sainsbury’s had planned a £13billion merger with Asda, until it was blocked by the competition authorities.
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