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

The company will look to open more than 100 more Sainsbury's stores

Sainsbury's have announced that it is cutting as many as 3,500 jobs, the majority of which will come from its Argos stores. 420 Argos locations will also shut. The announcement of cuts and closures comes as the company posted half-year financial results, which revealed losses of £137 million. The restructuring, which Sainsbury's says will be complete by 2024, will see jobs cut at the company's fresh food counters. By the end of the process, they expect the number of standalone Argos outlets to be roughly 100. Sainsbury chief executive Simon Roberts said that the company would look to find alternative roles for staff where possible.