Sainsbury's has said it will cut 3,500 jobs and close 80% of standalone stores belonging to Argos, the catalog retail chain it bought in 2016.
Sainsbury's will close 420 standalone Argos stores by March 2024, leaving about 100 open, it said in an earnings callBut before then, it will open up to 150 Argos stores and 200 Argos collection points in its grocery stores, so that every Sainsbury's supermarket will have either an Argos store or a collection point.
Sainsbury's also announced plans to open more grocery stores, even as it closes most of its Argos sites. But the company posted a £137 million pre-tax loss, which it said included £438 million in one-off costs associated with the Argos closures, alongside other strategic and market changes. Underlying pre-tax profit was £301 million , it said.
It's the classic big company excuse to cut jobs because of lockdown and give the shareholders more money. They say we are taking a loss but it's only a loss on profits they are still making profits but not as much as the greedy bastards want.
BIUK Are you guys online? Do you home deliver?
Shower of bastards.They have been messing with staff for last couple of years now, BUT Argos are making RECORD profits every month through Covid. It’s Sainsbury’s who are failing, yet Argos is the brand that suffers? Absolute useless.but they can pay shareholders? Crooks.
Just the beginning of recession.
good
Sverige Senaste nytt, Sverige Rubriker
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