Argos dropped over 2,000 workers and still managed to rack up losses topping 223 million pounds after revenue slid and shoppers stayed away from their stores. The retailer got hammered by weak demand for general merchandise, and rainy weather killed their summer sales before things picked up later when they started slashing prices hard. Parent company Sainsbury's briefly flirted with selling the whole operation to Chinese retail giant JD.com but ditched those talks almost immediately.
The business went from making a decent profit to bleeding cash while cutting staff from 12,000 down to under 10,000 people. Online traffic tanked early on before recovering when Argos went heavy on promotions, and they eventually clawed back to growth by the final quarter of their fiscal year.
The business went from making a decent profit to bleeding cash while cutting staff from 12,000 down to under 10,000 people. Online traffic tanked early on before recovering when Argos went heavy on promotions, and they eventually clawed back to growth by the final quarter of their fiscal year.
