Sainsbury’s is in talks with a Chinese retail giant about selling Argos.
On Saturday, the high street supermarket chain said it was in discussions regarding a potential sale of Argos Retail Group to JD.com.
Argos is the UK’s second largest general merchandise retailer, with the third most visited retail website in the UK and more than 1,100 collection points, Sainsbury’s said.
In a statement, Sainsbury’s said: “Sainsbury’s is committed to delivering the strongest and most successful future for Argos customers and colleagues and the group’s ‘More Argos, more often’ transformation strategy is delivering solid progress.
“A transaction with JD.com would accelerate Argos’ transformation. JD.com would bring world-class retail, technology and logistics expertise and invest to drive Argos’ growth and further transform the customer experience.
“The terms of any possible transaction would include commitments from JD.com in relation to Argos for the benefit of customers, colleagues and partners.”
It added that no deal has currently been struck and “there is no certainty at this stage that any transaction will proceed”.
