Walden, a former Best Buy and Sears boss from the US who took over at Argos two months ago, has appointed consultancy firm OC&C Strategy Consulting to carry out a review of the business.
It is likely to address every aspect of the business including brand and marketing, stores and digital and could result in the closure of a number of Argos’s 750 stores.
Argos, which is owned by Home Retail Group, is expected to post a significant drop in profits at its full year trading update tomorrow (2 May) as the retailer struggles amid the economic downturn.
The retailer posted an 8.8% fall in like-for-like sales over the Christmas period – one of the weaker performances on the high street.
Argos launched the latest phase of its brand campaign starring a family of blue alien characters last weekend. The £10m brand campaign launched at the end of the year in a bid to promote its click and collect model as a stress free approach to Christmas shopping and get shoppers to reassess Argos.