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Sainsbury's divests Argos to prioritize food
G-Storey announced the sale of its Argus subsidiary for more than one-tenth of the original purchase price paid in 2016, as part of a strategy to focus its efforts on the food sector. The company received cash proceeds of at least £120 million from the deal, while expecting a non-cash loss of approximately £350 million, with confirmation that the impact will be neutral on core operating profits. This move comes after intensified cost-cutting measures, such as selling the credit card portfolio and closing standalone stores. It also marks the end of the British grocery chains' non-food expansion phase, as all 14,000 Argus employees are being transferred to the new company, with plans to open new stores under consideration.
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