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Bloomberg
J Sainsbury Plc pledged to reduce costs and close stores as Chief Executive Officer Mike Coupe seeks to move on from a failed bid to take over rival grocer Asda.
The UK supermarket operator plans to reduce expenditures by around $623 million over the next five years as it integrates dozens of Argos home-goods outlets, acquired in 2016, into Sainsbury’s stores.
The company also plans to close some supermarkets while opening more convenience stores. It said it will stop issuing mortgages, a business that’s grown tougher as the UK housing market suffers from Brexit. The changes are the most sweeping since UK antitrust regulators blocked the company’s planned acquisition of Walmart’s Asda in April.