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Grantham's Sainsbury's and Argos are at risk as plan to close up to 55 supermarkets and 70 stores is revealed

Up to 55 Sainsbury's and 70 Argos stores will close, a trading update made by Sainsbury's today (Wednesday) has revealed.

It comes as Sainsbury's, which is the parent company of Argos, looks to make £500 million savings over the next five years.

In their trading update, the UK's second largest supermarket chain announced that between 60 and 70 of the Argos catalogue outlets will be shut, with some then incorporated into existing Sainsbury's supermarkets.

Question mark over the future of Sainsbury's and Argos in Grantham. (17528129)
Question mark over the future of Sainsbury's and Argos in Grantham. (17528129)

It will also open 110 new convenience stores across the country, while also closing 40. It also plans to close 15 large supermarkets but open 10 new stores.

The firm has not yet confirmed which stores will close.

Sainsbury's has owned Argos since September 2016 when Home Retail Group agreed to be taken over for £1.4billion.

Chief executive officer Mike Coupe said: "Argos continued to grow market share in key categories but sales were impacted by reduced promotional activity and the timing of new product releases in gaming and toys.

"Clothing sales were boosted by clearance activity and strong online growth and Tu continued to grow market share."

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