Sainsbury’s has terminated its discussions with JD.com regarding a potential sale of Argos.
The supermarket reported that JD.com had said it would now “only be prepared to engage on a materially revised set of terms and commitments” which were “not in the best interests of Sainsbury’s shareholders, colleagues and broader stakeholders”.
Sainsbury’s went on to confirm that it had ended its discussions with the Chinese ecommerce firm.
Related Story
It comes after the grocery giant announced talks with the technology company on Saturday (13 September) over a sale which it claimed would speed up the transformation of Argos.
Sainsbury’s purchased Argos for more than £1bn in 2016.
Last week, the grocer’s head of HR Prerana Issar stepped down from her role with immediate effect.
Issar was appointed to the post and joined the retailer’s operating board in May 2023.
Click here to sign up to Retail Gazette‘s free daily email newsletter
