Homebase prepares to open one of every three stores putting at risk up to 2,000 jobs

Up to 2,000 jobs are at risk in Homebase as its new owner prepares to swing the ax

Homebase prepares to open one of every three stores putting at risk up to 2,000 jobs

  • Homebase owner Hilco is expected to submit a restructuring plan for the DIY chain
  • It is expected that up to 80 of the 249 Homebase points of sale receive the cut
  • It is believed to include 18 stores already closed this year

City and Finance Reporter for the Daily Mail

Up to 2,000 jobs are at risk in Homebase as its new owner prepares to swing the ax

Up to 2,000 jobs are at risk in Homebase as its new owner prepares to swing the ax

Up to 2,000 jobs are at risk in Homebase as its new owner prepares to move the ax.

The owner Hilco is expected to submit a restructuring plan called the company's Voluntary Agreement for the DIY chain, a controversial insolvency procedure that has been used by artists such as House of Fraser, Toys R Us and Mothercare. It is expected that up to 80 of the 249 Homebase points of sale will receive the cut. It is believed that it includes 18 stores already closed this year.

The proposals come after the disastrous takeover of Homebase by the Australian firm Wesfarmers, which saw the retailer sell for £ 1 in May.

Wesfarmers, which owns the successful home improvement chain Bunnings in Australia, paid £ 340 million for Homebase in 2016.

It is believed that it has lost as much as £ 684 million after downloading the retailer to Hilco, which helped convert HMV and saved more than 2,300 jobs.

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