Sainsbury’s is to close more than 100 stores throughout Britain.
More than 70 Argos shops are earmarked to go, along with 15 large supermarkets and as many as 40 Local stores.
A further 80 Argos outlets will be moved into its supermarkets.
There are, however, plans to open a further 10 supermarkets and 110 Locals.
The location of the new business is not known, or the whereabouts of the planned closures.
Sainsbury’s also announced its financial services arm would stop new mortgage lending “immediately”.
The five-year restructuring plan is aimed to cut costs by £500 million.
Chief executive Mike Coupe said: “We have focused on reducing prices on everyday food and grocery products, and expanding our range of value brands, which have been very popular with customers.
“At the same time, we are investing significantly in our supermarkets, driving consistent improvements to service and availability.
“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.”