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Ten years ago, Sainsbury’s bought the British retailer, Argos, for a staggering £1.4 billion as a part of a broader deal to compete with the likes of Amazon in the 2010s. Now, a decade later, Sainsbury’s has sold the business for just £120 million to Swift Partners.
Sainsbury’s is selling Argos to Swift Partners for £120 million, ten years after acquiring it for £1.4 billion. Although consumers will still see Argos counters in supermarkets and collect Nectar points, behind the scenes everything is changing, as Sainsbury’s turns its focus back to groceries. During the transition, staff will be protected by UK employment law and will not be affected in the short term.
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