ITV News Business Editor Laura Kuenssberg asked her Twitter followers why they might have stopped shopping at Argos.
Below is a selection of responses she received:
@itvlaurak Argos is the new (old) Woolworths. You think of it when you can't think of any where else and forget the web will be cheaper.
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."
Home Retail Group's half year results statement warned:
"It is likely that Argos will close or relocate at least 75 stores as their leases come to an end over the next five years."
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.
Argos and Homebase are both owned by the Home Retail Group.
Its website says the company:
- Employs 50,000 people
- Operates 1,089 Argos and Homebase stores in the UK and Ireland
- Sells a range of 71,000 products
- Makes 193 million customer transactions every year
Retailer Argos admits it needs to 'reposition for a digital future' after posting disappointing results:
- Benchmark profit before tax down 37 percent to £18 million
- Earnings per share down 44 percent to 1.4p
Its management plans to invest around £100 million per year in the business over the next three financial years.
Argos has suffered a slide in profits, threatening some stores with closure. Home Retail Group, which owns the chain, says 230 store leases are due for renewal in the next five years. They could be put up for relocation or shut down.
- Home Retail has scrapped its final dividend
- Suffered a 9% drop in like-for-like sales
- 60% plunge in operating profits £94.2 million