Homebase reported to be closing up to 80 stores

Up to 80 stores belonging to British DIY chain Homebase are expected to close next week, according to reports on Sky News and in The Guardian's online edition. They add that the new owner of the stricken chain, Hilco Capital, will use the Company Voluntary Arrangement (CVA) procedure to terminate lease agreements. Over 1 000 jobs are in jeopardy as a result. Hilco has already closed 17 Homebase stores, while another 23 outlets whose imminent closure has been confirmed are expected to be among the 50 to 80 stores now affected. Homebase currently operates 250 outlets. Hilco Capital acquired the chain from the Australian Wesfarmers Group in June 2018 for the symbolic sum of one pound. Wesfarmers had purchased the chain two years previously with the aim of establishing its Bunnings distribution channel in Great Britain and Ireland.