Over 36,000 jobs at risk as companies struggle to save money

Thousands of employees may soon need to find themselves a new place to work as major companies plan to slash over 36,000 jobs.

In the UK, Argos may be planning to close as many as 245 shops if Sainsbury’s secures a deal to buy the Home Retail Group.

That is according to an analysis the property agent Harper Dennis Hobbs has done on behalf of the Guardian. The analysis shows that 245 Argos stores are within half a mile from the nearest Sainsbury’s shop. The publication argues that this makes the employment of the about 30,000 people working at those Argos stores uncertain.

Sainsbury’s announced that it had made an approach to buy the Home Retail Group on Thursday. Sainsbury’s reportedly made it clear that closing several stores would be likely if the deal to acquire the Home Retail Group goes through.