Steinhoff International has chosen not to continue with its bid for the Argos business instead entering into agreement to acquire the French retail chain Darty for £673 million.
Sainsbury’s which had increased its offer for Argos following interest from Steinhoff will now move to complete its purchase, enabling the supermarket chain to become the UK’s largest non-food retailer as well as develop its ecommerce offering. It is expected that when the deal is finalised there will be around 200 Argos store closures offset by an increased number of Argos concessions within Sainsbury’s supermarkets.
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