Argos to be sold off by Sainsbury’s in “business as usual” deal

Argos is to be sold by Sainsbury’s to Swift Partners, in a deal worth significantly less than what it paid for the chain in 2016.

Back then, it paid £1.4 billion, but is due to receive only about £120 million as part of this sale.

Sainsbury’s insists that the sale will not affect day-to-day operations at Argos, with jobs to be protected.

Swift Partners said that it would build on the work that Sainsbury’s has done to future-proof the brand, and bring “expertise and investment to accelerate growth and innovation in a fast-moving and competitive general merchandise market.”

Argos is a key stockist for high volume brands, including Citizen, Casio, Sekonda, Fossil, Garmin, and Timex.