Aug 14, 2018

Homebase set to close 42 stores

DIY retailer Homebase is set to to announce plans to close 42 stores, putting about 1,500 jobs at risk. Restructuring company Hilco, which bought the DIY chain for £1 in May, is expected to confirm its plans for a Company Voluntary Arrangement on Tuesday. It bought the struggling chain from Australia's Wesfarmers after its disastrous foray into the UK market. Wesfarmers bought Homebase in 2016 and planned to rebrand the chain with its Bunnings brand. The Australian company admitted making a number of "Self-induced" blunders, including underestimating winter demand for items such as heaters, as well as dropping popular kitchen and bathroom ranges.

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