In April 2016, Argos' parent Home Retail Group agreed to a £1.4 billion takeover by Sainsbury's, following a bidding war between the supermarket chain and South African conglomerate Steinhoff International. The acquisition was completed on 2 September 2016. A large number of high street and retail park shops were closed, replaced by an Argos outlet in a nearby Sainsbury's shop. When Sainsbury's announced in 2020 the closure of most Argos outlets, it was commented that the closure was an admission that its purchase of Argos had been a mistake; "Sainsbury's management clearly did not know how to run Argos and the plan to transplant into spare store space has not worked. ... Argos and Sainsbury's appealed to very different customer segments with little overlap."