Sainsbury's sheds Argos, BP eyes North Sea exit in UK reshaping wave

£1.2 billion — the value Sainsbury's is writing down on Argos, selling the chain for just £120m a decade after acquiring it for £1.3bn from Home Retail Group.

Money Moves

• Sainsbury's sells Argos for £120m — A trio of retail veterans led by ex-Co-op boss Richard Pennycook's Swift Partners will take over the catalogue chain, allowing Sainsbury's to focus on its core food business under CEO Simon Roberts
• BP formally markets its North Sea business —...