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Argos has said it will close 75 stores in the UK over the next five years as it unveils a transformation plan for the business.
The retailer's parent company, Home Retail Group, made the announcement as it reported a 37% fall in pre-tax profit to £18m in the six months to the start of September.
It said it had reviewed Argos' stores on the basis of several factors, including profitability and attractiveness of location.
"As a result, it is likely that Argos will close or relocate at least 75 stores as their leases come to an end over the next five years," the company said in a statement.
A review of the business highlighted a "clear opportunity" to invest more in digital technologies, Home Retail Group's boss said.
"The transformation plan aims to deliver growth by repositioning Argos as a digitally-led business from a catalogue-led business, leading the market growth of digital commerce through online, mobile and tablet, and offering customers more products with the fastest, most convenient fulfilment options," chief executive Terry Duddy said.
"This plan provides the right approach for Argos to achieve a long-term sustainable performance and profit recovery.”
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