Homebase set to shut more stores

Homebase is to shut more stores
Homebase is to shut more stores
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Homebase is pressing ahead with a wave of store closures that will see 42 DIY outlets shut, putting around 1,500 jobs at risk.

The retailer is closing the stores via a Company Voluntary Arrangement, a controversial insolvency procedure used by struggling firms to shut under-performing shops.

Homebase boss Damian McGloughlin said: “Launching a CVA has been a difficult decision and one that we have not taken lightly.

“Homebase has been one of the most recognisable retail brands for almost 40 years, but the reality is we need to continue to take decisive action to address the under-performance of the business and deal with the burden of our cost base, as well as to protect thousands of jobs.”

A total of 16 Homebase stores have been shut this year and the business has also axed 303 jobs at its head office in Milton Keynes.