The retailer has confirmed that 120 of its standalone stores will close "imminently", followed by a further 300 branch closures over the next three-and-a-half years.
The closures are part of cost-cutting measures taken by parent company Sainsbury's, with the supermarket giant expecting to save around £60 million as a result.
A full list of stores set for closure has not been provided at this stage, but Sainsbury's has told the Post that "any standalone Argos store which has not reopened since March will remain closed permanently."
It means that the Leyland store off Golden Hill Lane, as well as the store in Preston's Fishergate Centre, will not reopen and are now in effect closed for good.
Both stores have remained shut since the first national lockdown in March, despite the Government allowing non-essential retail to reopen in May.
A Sainsbury's spokesman said: "Any standalone Argos store which has not reopened since March will remain closed permanently.
"We have not confirmed any other closures at this stage."
Simon Roberts, chief executive of Sainsbury's, added: "We are talking to colleagues today about where the changes we are announcing in Argos standalone stores and food counters impact their roles.
"We will work really hard to find alternative roles for as many of these colleagues as possible and expect to be able to offer alternative roles for the majority of impacted colleagues.
"Right here and now, I and all the team are focused on supporting and delivering for our customers in the days and weeks ahead."
Sainsbury's also said it will cut around 3,500 jobs as part of plans to permanently close all its meat, fish and deli counters, in addition to its standalone Argos stores.
The Argos stores situated inside Sainsbury's supermarkets at Deepdale and Bamber Bridge, will remain open.
The company posted a pre-tax loss of £137 million for the year to September 19.