Overview

• The supermarket said on 14 September it terminated discussions after JD.com would only proceed on a materially revised set of terms.
• Talks had been confirmed publicly a day earlier following reports they were at an advanced stage, though no agreement had been reached.
• Sainsbury’s previously said a deal could accelerate Argos’s transformation with technology, logistics and investment commitments to customers, colleagues and partners.
• Any transaction was expected at a steep discount to the roughly £1.1–£1.4bn paid in 2016, with Argos valued at about £344m in recent accounts.
• Argos remains within Sainsbury’s as it pursues its ‘More Argos, more often’ and broader ‘Next Level’ strategy; the chain has nearly 200 standalone stores and more than 1,100 collection points.