Wednesday, October 24 10:23:08
Britain's Home Retail Group, which owns Argos, is planning to close or relocate at least 75 of the catalogue retailer's stores over the next five years.
It is part of the company's plans to change Argos into a digitally-led retailer instead of being predominantly catalogue-led.
It plans to move its stores onto shorter leases to make relocation easier.
Argos has more than 700 stores in Britain and Ireland.
It expects 10 store closures in the current financial year and no openings.
Home Retail Group summarised the key challenges facing Argos, including: "The Argos offer is biased towards less affluent customer segments".
Following a six-month review of the Argos business, it has decided to invest in developing a bigger range with universal appeal and a stronger online presence.