Homebase set to announce closure of up to 80 stores

09 August, 2018, 16:40 | Author: Eric Barnett
  • Homebase jobs that are axed could be more than 1000

Hilco Capital, the new owner of British home improvement retailer Homebase, will next week detail plans to close around a quarter of its stores, threatening over 1,000 jobs, according to a Sky News report.

It is understood that the plan is for a Company Voluntary Arrangement, or CVA - the rescue deal option used by a string of high street chains so far this year to close hundreds of stores and axe thousands of jobs.

It reported a total of 80 threatened branches include 18 which have closed in recent months.

New Look, Carpetright and Mothercare are among the companies to have adopted CVAs this year as the high street struggles with subdued consumer spending, rising labour costs, higher business property taxes and growing online competition.

The news is the latest crisis of a hard spell for the British high street.

If it is at the top end of that range, the closure programme will represent nearly one third of Homebase's estate.

The precise number of jobs that will be lost was also unclear, with analysts speculating that it was likely to be between 1,000 and 1,500, roughly 10% of Homebase's 11,000-strong workforce.

Wesfarmers began approaching potential buyers of the DIY chain earlier this year, just two years after completing its takeover.

Hilco took over Homebase from Wesfarmers for a nominal £1 fee in May. That was replaced with a B&M earlier this month.

Homebase has not commented on the speculation, nor the location of the stores which could be closed.



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