Homebase closes 80 stores putting 1000 jobs at risk

FILE A customer leaves a Homebase store part of Home Retail Group Plc in Sevenoaks U.K. on Wednesday Jan. 6 2016. U.K. grocer J Sainsbury Plc plans to buy Walmart Inc.s Asda in a 7.3 billion-pound deal that would transform the country

The chain's owner, buyout and turnaround specialist Hilco, is expected to unveil plans to close around one in four of its 249 stores nationwide.

Australian retailer Wesfarmers bought Homebase for £340m in February 2016 but then sold the company to restructuring firm Hilco Capital for just £1 earlier this year.

CVAs are a controversial insolvency mechanism that have been used by several prominent retailers this year, including Carpetright, Mothercare and New Look.

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

According to the latest reports, the number of stores facing the axe under the CVA is still under discussion but could be between 50 and 80, including the 18 that have already closed in recent months.

As a result, the number of jobs that would be lost is also unclear - but it is thought to be between 1,000 and 1,500.

Homebase was meant to be a launchpad from which the Australian retailer would take on B&Q in a battle for supremacy in the DIY market. The company had to write off more than £500m after ditching some of Homebase's most popular lines.

While Homebase's travails are largely self-inflicted, they have compounded the sense of gloom engulfing Britain's retail sector as online competition and rising high street costs squeeze many established chains.

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

Related News:

  • Syrian First Lady Asma al-Assad Diagnosed With Breast Cancer

    Syrian First Lady Asma al-Assad Diagnosed With Breast Cancer

    Also, she provides assistance to the families of soldier who died in combat and to shelters for orphans. Morgan banker, "a rose in the desert", in February 2011 for being "glamorous, young, and very chic".
    Senate Intel Asks Assange For Interview At 'Mutually Agreeable' Location

    Senate Intel Asks Assange For Interview At 'Mutually Agreeable' Location

    The committee is investigating alleged Russian interference in the 2016 election. In the August 1 letter , signed by Republican Sen.
    Research: Oldest-ever igneous meteorite contains clues to planet building blocks

    Research: Oldest-ever igneous meteorite contains clues to planet building blocks

    It wasn't immediately clear that the rock was extraterrestrial because of its light color, the researchers told Live Science . The analysis of the ancient grapefruit-sized space rock, known as Orgueil, revealed the elemental building blocks for life.
  • AC Milan edge ahead of Chelsea for Bernard

    AC Milan edge ahead of Chelsea for Bernard

    Bernard's versatility also allows him to play across the forward line and even in a deeper midfield role if necessary. Premier League clubs only have two more days after Tuesday to secure new players ahead of the window slamming shut.
    Kajiado nursing moms given tips on breastfeeding

    Kajiado nursing moms given tips on breastfeeding

    The right nutrition during this 1 000-day window can have a profound impact on a child's ability to develop and learn. The report shows that there has been an improvement since 2008. 'We're making progress, but it's a hard journey.
    5 things to know about the new FIX PUBG initiative

    5 things to know about the new FIX PUBG initiative

    Throughout this campaign we'll share specifics about what we're working on and the expected time it'll take to address the issues. Still, it's imperative to the survival of the game that PUBG Corp works on these issues sooner rather than later.
  • Thomas trails Johnson, McIlroy on 2018 PGA Championship odds

    Thomas trails Johnson, McIlroy on 2018 PGA Championship odds

    McIlroy said he would take this year, because that would mean he has giving himself chances to win. He just had his fourth back surgery, so to get to this point is a phenomenal achievement already".
    This Video Captures the Terror of Hamas Rockets

    This Video Captures the Terror of Hamas Rockets

    Meanwhile, Israeli firefighters battled two fires caused by gas balloons that exploded when the homes were hit by rocket fire. Mahmoud Daher, of the World Health Organization in Gaza, said in a telephone interview "the situation is very serious".
    Chase Elliot gets first at Watkins Glen

    Chase Elliot gets first at Watkins Glen

    Logano started from pole in the road race that was red-flagged for rain, forcing the drivers to briefly switch to rain tires. Road course racing isn't every NASCAR fan's cup of tea, but the people who do love it should be in for a treat this weekend.
  • Jerome Boateng rejects Manchester United move

    Jerome Boateng rejects Manchester United move

    Eric Bailly and Ander Herrera left the field of play with suspected injuries, but both are expected to make a return as it is assumed their substitutions were precautionary.
    Argentina Senate votes against legalizing abortion

    Argentina Senate votes against legalizing abortion

    Currently, it is only possible if the fetus is deformed, the woman has been raped or if the woman's life is in danger. Argentina's senate has rejected a bill which would have legalised abortion in the first 14 weeks of pregnancy.
    Alexis Sanchez sees Leicester opener as 'must-win' for Man Utd

    Alexis Sanchez sees Leicester opener as 'must-win' for Man Utd

    Getting Mata in would represent a late win for Spurs , and if they can't get Martial, the Spaniard should be their next option. He revealed Everton have an agreement with Barcelona and the player over a deal - but United are sniffing around too.


Most liked

Everything to know about Ikea's first store in India
It said it will offer delivery and assembly service to its customers who are not familiar with the DIY (do it yourself) concept. At the Hyderabad store , it now has 8 female forklift drivers and has recruited around 100 girls from the DISHA pilot project.

Mobile Essentials offers unlimited data with no frills
Currently, we dont know if T-Mobile Tuesdays and Music Freedom would be limited to T-Mobile ONE plans from now on. As a result, T-Mobile's big boast with its Essentials plan is that you can get four lines for $30 per line.

FK8 Honda Civic Type R sets Hungaroring FWD record
Honda had set the previous benchmark time for Hungaroring during a similar challenge in 2016, using the previous gen Civic Type R. It's something we agree with, which is why the Civic Type R managed to take home Motor Authority's Best Car To Buy 2018 award .

European Tour pays wrong Tommy Fleetwod £120,000 Open winnings
That's when I realized that it must be for the other Tommy Fleetwood and I quickly worked out that it was his Open winnings. Fleetwood, who begins his PGA Championship bid at Bellerive on Thursday , said: "It looks pretty genuine".

Apple and Facebook Pull Alex Jones' Conspiracy-Laded Content
An Apple spokesperson was not immediately available to comment on Monday but the company did issue a statement on Sunday. As of Monday, iTunes searches for " Infowars " or " Alex Jones " turned up no podcasts created by Jones.

'Superman' star Margot Kidder died from 'self-inflicted drug and alcohol overdose'
But on Wednesday the Park County Coroner's Office in Montana, where she lived, revealed that the cause was suicide. In 1996, she was briefly homeless during her struggle and she became a very public advocate for mental health.

Bilbao Confirm Arrizabalaga’s Release Clause Has Been Activated
Chelsea had also considered raids for Jack Butland, Sergio Rico and Jan Oblak as they sought to replace the departing Courtois. It has been said that on top of Kovačić's release on loan, Real Madrid will pay Chelsea €35 million for Courtois.

Qualcomm might be launching a new smartwatch chip on September 10th
Qualcomm has launched the Snapdragon 670 chip to improve the performance of AI on mid-range mobile devices. The next best thing is a 600 series processor, the best of which up to now has been the Snapdragon 660 .

Jarrod Lyle: Australian golfer dies aged 36
The internet has exploded with messages of support for Lyle's family, many also paying tribute to his success in the sport. Our humble thanks to you all. "He asked that I provide a simple message: "Thanks for your support, it meant the world".

United Kingdom to seek Russian extraditions in Skripal case
The Guardian reports that Britain wants Russian Federation to extradite two men over the Skripal nerve-agent case. She died eight days later, but he has since been released from the hospital.

Xiaomi Mi A2 launched in India for Rs 16,999
The device also comes with Quick Charge 4.0 fast charging, which is exclusive to the Indian market. As for the specifications, the phone sports a 5.99-inch Full HD+ display with 18:9 aspect ratio.

Red Dead Redemption 2 Gameplay Set to Debut Tomorrow
Ultimate and tomorrow Rockstar Games will premiere the first proper gameplay trailer for Red Dead Redemption II. In this video , we see a narrator walk us through how the game works and mechanics all weave and play together.

Premier League to analyse earlier transfer deadline - league boss Scudamore
They argued that they have to sell players for financial reasons if they fail to qualify for Europa or Champions League. But the decision has been made and we'll analyse it in September when it's all over.

NYC votes to stop Uber's unchecked growth, give drivers a minimum wage
Lyft has acquired the Motivate bike-sharing company. Ride-hailing companies aren't exactly pleased. About 14,000 yellow cabs operate in the city.

New NCAA Basketball Rule Allows Players To Return To School If Undrafted
The NCAA made a number of rule changes Wednesday that could have an impact on the Kansas men's basketball team. They'll also be allowed to be represented by agents, in college and, for some, as high school prospects.