京东收购英国第二大综合零售商Argos谈判破裂

Sainsbury’s Ends Argos Sale Talks with JD.com After Deal Collapses
赛恩斯伯里与京东谈判破裂，阿格斯出售告吹

Sainsbury’s has confirmed that negotiations to sell Argos to Chinese retail giant JD.com have ended abruptly, just a day after discussions were revealed. The UK supermarket chain, which bought Argos for £1.1bn in 2016, said JD.com demanded significantly revised terms that were not in the interests of its stakeholders.
英国超市巨头赛恩斯伯里确认，出售旗下零售品牌阿格斯（Argos）给中国零售商京东的谈判已告终止。就在一天前，双方还宣布正在洽谈。赛恩斯伯里表示，京东提出了大幅修改的条件，不符合股东和员工的利益，因此决定终止交易。

The collapse is another setback for JD.com, which last year also pulled out of a bid to buy Curry’s. JD.com remains one of China’s largest retailers, known for its technology-driven supply chain and logistics services.
这已是京东在英国的第二次退出收购行动，去年它也放弃了对白色家电零售商Curry’s的收购。京东是中国最大的零售商之一，以供应链和物流技术见长。

京东收购英国第二大综合零售商Argos谈判破裂

Sainsbury’s had hoped the sale would speed up Argos’s transformation, leveraging JD.com’s retail and logistics expertise. Argos, the UK’s second-largest general merchandise retailer after Tesco, has shifted heavily to online sales and operates mostly through collection points within Sainsbury’s stores. It still has nearly 200 standalone stores and one of the UK’s most-visited retail websites.
赛恩斯伯里原本寄望借助京东的零售和物流经验，加快阿格斯的转型。阿格斯是英国第二大综合零售商，仅次于特易购（Tesco），业务已大幅转向线上，并在赛恩斯伯里门店内设有超过1100个提货点，仍保留近200家独立门店。

Analysts note that Sainsbury’s original £1.1bn purchase now looks costly. The company’s latest accounts value Argos at just £344m, with falling profits dragging on Sainsbury’s wider performance. Some critics argue that moving Argos operations into Sainsbury’s branches, while closing hundreds of standalone stores, has undermined its profitability.
然而，赛恩斯伯里当年的11亿英镑收购如今显得代价高昂。最新财报显示，阿格斯的估值仅为3.44亿英镑，利润下滑也拖累了集团整体业绩。一些分析人士批评，将阿格斯过多迁入超市门店、关闭数百家独立门店，削弱了其盈利能力。

The failed deal highlights the challenges of reviving Argos in a competitive retail market, leaving Sainsbury’s to continue its turnaround efforts without JD.com’s backing.
交易流产意味着阿格斯仍需在竞争激烈的零售市场中艰难自救，而赛恩斯伯里必须独自推进转型计划。