British supermarket group Sainsbury’s said on Sunday it has terminated talks with Chinese e-commerce giant JD.com over selling the Argos general merchandise retailer, a day after it had confirmed discussions were continuing.
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“JD.com has communicated that it would now only be prepared to engage on a materially revised set of terms and commitments,” Sainsbury’s said in a statement, adding that as that was in the best interest of the shareholders of the British company, they had terminated discussions.
The company also said it will continue to expect to deliver retail underlying operating profit of around £1 billion (US$1.36 billion) in the financial year 2025-2026.
JD.com did not immediately respond to a request for comment.
Sainsbury’s, which has been focusing more on food since Simon Roberts became CEO in 2020, had on Friday confirmed it was in talks with China-based JD.com for the sale of Argos.
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“JD.com would bring world-class retail, technology and logistics expertise and invest to drive Argos’ growth and further transform the customer experience,” Sainsbury’s had earlier said.