Home­base could close up to 40 more stores

Western Mail - - SATURDAYBUSINESS -

HOME­BASE is ex­plor­ing a sec­ond wave of store clo­sures that could see up to 40 out­lets shut, putting hun­dreds more re­tail jobs at risk.

The DIY chain is sound­ing out ad­vis­ers for a po­ten­tial Com­pany Vol­un­tary Agree­ment (CVA) in­sol­vency pro­ce­dure. Sources say re­struc­tur­ing ex­perts at Al­varez & Marsall are be­ing scouted by Home­base for the CVA, al­though other op­tions are be­ing as­sessed.

The re­tailer has been car­ry­ing out a store clo­sure pro­gramme since Fe­bru­ary. A to­tal of 17 Home­base stores have been shut, with another 23 ear­marked for pos­si­ble clo­sure.

Home­base’s next round of re­struc­tur­ing will come af­ter its Aus­tralian owner Wes­farm­ers com­pletes the sales of the com­pany to re­tail turn­around spe­cial­ist Hilco for £1.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.