British supermarket chain Sainsbury's has ended discussions with Chinese e-commerce firm JD
British supermarket chain Sainsbury's has ended discussions with Chinese e-commerce firm JD.com over a potential sale of its Argos unit, citing unfavourable revised terms. The move comes just a day after confirming the talks were underway, reported Reuters. Sainsbury's said JD.com had proposed a materially revised set of terms and commitments that were not in the best interests of its shareholders, staff or wider stakeholders. The company issued a statement announcing the termination of negotiations.
The retailer reiterated its forecast for retail underlying operating profit of about GBP1 billion (US$1.36 billion) for the 2025-2026 financial year.
Sainsbury's has been shifting focus towards its core food business since Simon Roberts took over as chief executive in 2020. The company had confirmed on Saturday that it was in talks with JD.com regarding the sale of Argos.
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