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
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the tragic last months of ex-Zappos CEO Tony Hsieh - Business InsiderTony Hsieh sold Zappos for $1.2 billion in his 30s. He was dead by 46. Inside his final Park City months, where he hoped to deliver more happiness as he spiraled.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside high-end custom pianos with Steinway & Sons CEO, Lenny Kravitz - Business InsiderInside the highest end of high-end pianos, with classic brand Steinway & Sons and its newest collaborator, Lenny Kravitz wow
Source: BusinessInsider - 🏆 729. / 51 Read more »
Webinar: Inside private-equity recruiting at Carlyle, Apollo, Bain - Business InsiderJoin us on Thursday, December 3, at 1 p.m. ET, as Business Insider's Wall Street reporter reedalexander moderates a panel featuring four experienced recruiters from top private-equity firms. They'll share tips on how to make it in the industry and more.
Source: BusinessInsider - 🏆 729. / 51 Read more »
'People are seriously pissed': Inside Google firing a top AI ethicist - Business InsiderInside Google's firing of a top AI researcher, and the academic paper that started the battle: 'People are seriously pissed' nice I love it when these folks find out they’re working for a publicly traded company and not some university/etc — welcome to the real world of actions and consequences. Neuralink will be in next job
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside Arbol Market, a climate change-focused insure-tech startup - Business InsiderA new start-up run by a former Citadel quant is trying to create a better way for farmers to protect their crops from climate change
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside the Amex virtual mentorship program helping low-income students - Business InsiderBusiness Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. Great initiative!!!
Source: BusinessInsider - 🏆 729. / 51 Read more »