British supermarket group Sainsbury’s said on Sunday it has terminated talks with Chinese e-commerce giant JD.com over selling the Argos general merchandise retailer, a day after confirming discussions were underway, reports Reuters. “JD.com has communicated that it would now only be prepared to engage on a materially revised set of terms and commitments, which are not in the best interests of Sainsbury’s shareholders, colleagues and broader stakeholders” the company said in a statement.
The company repeated its forecast for retail underlying operating profit of around £1 billion ($1.36 billion) for the 2025–2026 financial year.
Sainsbury’s, which has been focusing more on food since Simon Roberts became CEO in 2020, had on Saturday confirmed it was in talks with JD.com for the sale of Argos.