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Homebase store closures: 60 shops to shut and 1,000 jobs to go

August 8, 2018 12:35 PM
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Homebase store closures: 60 shops to shut and 1,000 jobs to go

Homebase that outlined plans to close roughly 60 stores next week, which threatens more than 1,000 jobs.

In May, Wesfarmers offloaded the entire 250-store Homebase chain and sold the company to retail turnaround specialist Hilco Capital for a nominal sum thought to be £1.

Hilco Capital is expected to outline proposals for a Company Voluntary Arrangement (CVA) that will pave the way for almost 60 Homebase stores to be axed.

The CVA will be launched early next week by professional services firm, Alvarez & Marsal.

Bunnings, who are owned by Wesfarmers, acquired Homebase in 2016 in a £340million deal. The company had been trying to rebrand Wesfarmers as Bunnings, which is a household hardware chain in Australia.

The number of stores to be axed is not finalised as it could be anywhere between 50-80 shops, which include 18 that have already been closed in recent months.

On Monday it was reported that Croydon's only Homebase would close permanently on September 21.

A spokeswoman for the chain said told the Croydon Advertiser: “We can confirm that our store in Croydon is set to close on September 21.

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Source: express.co.uk

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