Sainsbury’s has ended talks about selling one of the country’s top furniture retailers despite being close to a deal.
The chain had being holding late-stage discussions with China largest retailer JD.com to sell Argos, but said on Sunday that the Nasdaq-quoted group was unwilling to continue negotiations on the existing offer and wanted talks ‘on a materially revised set of terms and commitments.’
Sainsbury’s said the new terms were ‘not in the best interest’ of its shareholders and the talks ended.
In March JD held talks to buy Currys, but these talks come to nothing, as it looks to expand into the UK.
On Sturday Sainsbury’s said a deal would ‘accelerate’ Argos’s transformation.
‘JD.com would bring world-class retail, technology and logistics expertise and invest to drive Argos’s growth and further transform the customer experience. The terms of any possible transaction would include commitments from JD.com in relation to Argos for the benefit of customers, colleagues and partners,’ it said.
