News: Argos set to close Rotherham store
Argos looks set to be the latest in a catalogue of retail closures in Rotherham town centre.
The retailer, a subsidiary of Sainsbury's, has picked out the Howard Street outlet as part of a national programme of store closures.
A notice on the storefront states that the shop will close on March 7 with staff expected to be offered the opportunity to redeploy to nearby stores.
Nearby clothing store, Bonmarché, which went into administration at the end of 2019, has also placed "closing down sale" signs in its windows.
The Argos store on Howard Street opened in 2005 after Home Retail Group plc, the previous owner, bought and converted stores from closed rival, Index.
Stores were updated in 2014 with "digital makeovers" as part of its new strategy to bring the convenience of online shopping to its physical stores.
In 2016 Home Retail Group agreed a takeover deal from Sainsbury's for around £1.4bn. In response to changing customer shopping habits and reducing costs throughout the store estate, the firm announced a store management structure last year.
In September, bosses announced plans to create 80 new Argos stores within Sainsbury's locations and close 60-70 Argos shops.
Argos operates from retail park destinations in Rotherham - at Parkgate Shopping and Cortonwood but the borough does not a large Sainsbury's superstore.
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A trading update showed that a full impairment review by management on the property portfolio resulted in an impairment charge of £177m. £80m of the charge is in relation to properties identified for closure. £97m relates to unprofitable and marginally profitable trading stores for which the cash flows no longer support the carrying amount.
Store closure costs were recognised of £26m - £23m in onerous contract charges and £3m of other provisions, including redundancy.
Retail changes were highlighted by the company's Q3 trading update which showed that Argos had its biggest digital Black Friday to date and record sales through mobile and via Argos Click and Collect.
Bosses also added that Argos stores in Sainsbury's supermarkets performed particularly well "as customers value the convenience of being able to do more of their shopping under one roof."
Peacock's was named as the preferred bidder to buy Bonmarché out of administration but the deal has not yet concluded.
Argos website
Images: Google Maps
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The retailer, a subsidiary of Sainsbury's, has picked out the Howard Street outlet as part of a national programme of store closures.
A notice on the storefront states that the shop will close on March 7 with staff expected to be offered the opportunity to redeploy to nearby stores.
Nearby clothing store, Bonmarché, which went into administration at the end of 2019, has also placed "closing down sale" signs in its windows.
The Argos store on Howard Street opened in 2005 after Home Retail Group plc, the previous owner, bought and converted stores from closed rival, Index.
Stores were updated in 2014 with "digital makeovers" as part of its new strategy to bring the convenience of online shopping to its physical stores.
In 2016 Home Retail Group agreed a takeover deal from Sainsbury's for around £1.4bn. In response to changing customer shopping habits and reducing costs throughout the store estate, the firm announced a store management structure last year.
In September, bosses announced plans to create 80 new Argos stores within Sainsbury's locations and close 60-70 Argos shops.
Argos operates from retail park destinations in Rotherham - at Parkgate Shopping and Cortonwood but the borough does not a large Sainsbury's superstore.
Advertisement
A trading update showed that a full impairment review by management on the property portfolio resulted in an impairment charge of £177m. £80m of the charge is in relation to properties identified for closure. £97m relates to unprofitable and marginally profitable trading stores for which the cash flows no longer support the carrying amount.
Store closure costs were recognised of £26m - £23m in onerous contract charges and £3m of other provisions, including redundancy.
Retail changes were highlighted by the company's Q3 trading update which showed that Argos had its biggest digital Black Friday to date and record sales through mobile and via Argos Click and Collect.
Bosses also added that Argos stores in Sainsbury's supermarkets performed particularly well "as customers value the convenience of being able to do more of their shopping under one roof."
Peacock's was named as the preferred bidder to buy Bonmarché out of administration but the deal has not yet concluded.
Argos website
Images: Google Maps
