Argos could be sold to a Chinese e-commerce firm, the retailer’s parent company Sainsbury’s said.

Sainsbury’s said in a statement that it is “in discussions” with JD.com about selling the catalogue store.

The statement said: “Following recent media speculation, J Sainsbury plc confirms that it is in discussions regarding a potential sale of Argos Retail Group Limited to JD.com.”

It added: “No agreement has been reached and there is no certainty at this stage that any transaction will proceed.”

JD.com is a Beijing-based e-commerce firm. According to its website it became the “first major e-commerce company from China” to be listed on the major US stock exchange Nasdaq in May 2014.

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