Sainsbury’s set to cut 3,500 jobs and close 420 Argos stores

Sainsbury’s is set to cut 3,500 jobs from the closure of around 420 Argos stores and all its meat, fish and deli counters.

The standalone Argos stores will close by March 2024, although Sainsbury’s said 150 outlets would be moved into its supermarkets.

Sainsbury’s chief executive, Simon Roberts, said the move was in response to changing shopping habits.

The announcement comes as the retailer says 40 per cent of its sales are now online, compared to 19 per cent this time last year.

Sainsbury’s made a pre-tax loss of £137m for the six months to 19 September from a £9m profit in the same period for 2019.

Simon Roberts said: “By delivering improvements in value and quality and simplifying this business, we will do a better job for our customers and deliver an improved financial performance and stronger shareholder returns.

“Right here and now I and all the team are focused on supporting and delivering for our customers in the days and weeks ahead.”