Sainsbury’s plan to close over 100 stores in £500m cost cutting plan
Major supermarket retailer Sainsbury’s has said it will be closing up to 125 stores across the UK as well as shutting down 70 standalone Argos stores and moving them into nearby Sainsbury’s stores.
The move comes as the UK’s second largest supermarket chain warned investors that profit for the six months to 21st September will dip.
However, Sainsbury’s said it will open 110 convenience stores and close some 30-40 across the country. The moves are designed to save the business £500m over the next five years.
Commenting on second quarter trading, Mike Coupe, chief executive officer, said: “Sales momentum was stronger in all areas and we further improved our performance relative to our competitors, particularly in Grocery.
“We have focused on reducing prices on everyday food and grocery products and expanding our range of value brands, which have been very popular with customers. At the same time, we are investing significantly in our supermarkets, driving consistent improvements to service and availability.”