Argos and Homebase operator Home Retail Group is making 300 people redundant at its Milton Keynes head office, against a background of plummeting sales.
The move will see a fifth of the workforce go, with staff on both brands being affected.
In the 18 weeks to January, like-for-like sales at Argos declined by 7.5%, while sales at Homebase were down 10.2%, the figures mirroring similar declines announced three months earlier.
At the time of announcing the results, Home Retail Group chief executive Terry Duddy described the company’s markets as being “significantly impacted by the sharp reduction in consumer spending”, and he added that he expected the trading environment for the next financial year to be “extremely challenging”.
The company is also closing its quarterly customer magazine, Homebase Ideas.