Sainsbury’s halts deal to sell Argos to Chinese retailer
What happens next for Argos after sale talks collapse
- Sainsbury's has confirmed it has ended discussions with Chinese e-commerce firm JD.com regarding a potential sale of its Argos chain.
- The supermarket giant stated that JD.com's proposed revised terms and commitments were not in the best interests of its shareholders, colleagues, and broader stakeholders.
- This decision follows media speculation and Sainsbury's earlier indication that it was exploring a deal to "accelerate Argos’ transformation".
- Argos remains a significant retailer in the UK, recognised as the second largest general merchandise retailer with a highly visited website and over 1,100 collection points.
- Sainsbury's reiterated its commitment to Argos's future, focusing on extending its range, enhancing digital capabilities, and improving relevance through its 'More Argos, more often' transformation strategy.