Embattled retailer Homebase is set to close a quarter of its stores, according to Sky News, putting more than 1,000 jobs at risk.
The widely predicted news comes three months after Hilco Capital bought the struggling company from Wesfarmers for just £1. Wesfarmers’ plans of launching the Bunnings brand in the UK were mortally wounded following poor financial performances since Wesfamers bought Homebase for £340 million, just two years ago.
Wesfarmers admitted the takeover was “poorly executed” and similarly poor weather at the start of 2018 compounded the Australian retailer’s problems – the “Beast from the East” also negatively affecting fellow UK DIY chains Wickes and B&Q. Fewer than 20 stores were converted to the Bunnings branding all signage is in the process of being swapped back to Homebase.
Sky News believes around 60 Homebase stores could be set to close, significantly culling the UK’s DIY store count in challenging news for suppliers.