Sainsbury is selling its Oxford Street store in London less than two years after taking up the leases.

The 4,600 sq ft store will close as part of a programme to shut 12 under-performing smaller stores, and the Oxford Street stores is considered to be too close to another Sainsbury store, according to newspaper reports.

Tesco closed its Oxford Street store earlier this year claiming rents went too high.

Seven Sainsbury Local stores are closing in London as part of the programme, ad stores in Birmingham, Coventry and Glasgow are also set to close.

Separately, Sansbury has also decided to drop Goldman Sachs as an advisor on merger and acquisitions and it has instead hired rival Morgan Stanley to advise on possible bid approaches.