Argos is to close or relocate 75 stores across the UK over the next five years under plans to "reinvent" the business in online retail. The firm's parent company reported a 37% fall in half-yearly pre-tax profits.
An Argos spokeswoman told ITV News that the company has "no plans" to phase out its famous hard-copy catalogue in the "foreseeable future".
Confusion is likely to have arisen after the retailer's half year results statement said its transformation plans included "repositioning Argos as a digitally-led business from a catalogue-led business."
Terry Duddy, Chief Executive of Home Retail Group, outlined the plans for a new-look Argos business:
We have also concluded a comprehensive business review of Argos which highlighted a clear opportunity to transform the business through increased investment in digital technologies.
The transformation plan aims to deliver growth by repositioning Argos as a digitally-led business from a catalogue-led business, leading the market growth of digital commerce through online, mobile and tablet, and offering customers more products with the fastest, most convenient fulfilment options.
This plan provides the right approach for Argos to achieve a long-term sustainable performance and profit recovery.