Aug 8, 2018

Homebase owner 'plans to close 60 stores'

The new owners of Homebase will reveal plans to close 60 of its stores next week, which could threaten up to 1,500 jobs. Restructuring company Hillco, which bought the DIY chain for £1 in May, will outline plans for a rescue deal next week, Sky News reported. Hillco bought the struggling chain from Australian firm Wesfarmers after its disastrous foray into the UK market. Hillco is to propose an insolvency mechanism known as a Company Voluntary Arrangement early next week. Wesfarmers bought Homebase in 2016 and set about redeveloping Homebase stores under its Bunnings brand.

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