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Sainsbury’s is shutting another 60 to 70 Argos shops and moving them inside its supermarkets as part of a reorganisation. It will also close up to 15 supermarkets and 40 convenience stores.

The closures are part of a plan to reduce costs by £500m over five years, it said.

However Sainsbury’s also plans to open around 120 new grocery outlets, mostly convenience stores. The supermarket did not say where the closures would be, but said all Argos staff would be relocated.

The plans were announced as Sainsbury’s warned investors profits had dipped over the last six months. It blamed bad weather and higher marketing costs for the forecast £50m drop on the period last year.