Sainsbury’s Cut Off 3,500 jobs and Close Down 80% Of Argos Stores
The famous British Grocer Sainsbury’s has announced that they will be cutting off 3,500 jobs and close down around 420 standalone Argos stores, however, their online sales platform had nearly doubled in the six months to September but it was a pre-tax loss due to restructuring process.
Currently, Sainsbury’s also plans to open larger grocery stores which will be more convenient to the neighbourhood in the next three years time. Sainsbury’s also spent around £290 million ($377 million) on COVID-19 measures, though these were partially offset by £230 million ($299 million) in business rates relief. This is due to the profit margin for online sales are very tight.
