Home Retail Group, Britain's No. 1 household goods retailer, said it has appointed a former Best Buy executive to be the new boss of its struggling Argos business.

The firm on Wednesday named John Walden as managing director of the 759-store Argos chain, reporting to group chief executive Terry Duddy.

Walden, who was at top U.S. electricals retailer Best Buy between 1999 and 2007 before moving to Sears, will take up his new role by the end of February.

We look forward to John bringing a valuable, fresh perspective to the future development of Argos, said Duddy.

Last month Argos posted an 8.8 percent fall in third-quarter underlying sales.

Shares in Home Retail, which have lost over half their value over the last year, closed Tuesday at 98.9 pence, valuing the business at 805 million pounds

(Reporting by James Davey; editing by Paul Sandle)