Homebase to shut 42 stores, including three in Ireland

Posted by On 6:42 AM

Homebase to shut 42 stores, including three in Ireland

DIY retailer Homebase is set to close 42 stores across the UK and Ireland, putting around 1,500 jobs at risk.

The DIY chain is closing the stores via a Company Voluntary Agreement, a procedure used by struggling firms to shut under-performing shops.

Homebase is closing three Irish stores, two of which are in Dublin at Fonthill and on the Naas Road.

The third Irish-based closure will be in Limerick.

Restructuring experts at Alvarez & Marsal will carry out the CVA, which will require the support of landlords.

An official announcement from the company is due later on Tuesday.

Homebase - which has a total of 11 Irish outlets - was acquired by restructuring specialists, Hilco, earlier this year.

It bought the business for £1 after its Australian owners, Wesfarmers, pulled out of the UK market.

It had acquired the business for £340 million two ye ars previously.

This latest restructuring would come on top of a store closure programme the retailer has been carrying out since February.

A total of 17 Homebase stores have been shut this year.

The business also axed 303 jobs at its head office in Milton Keynes.

Source: Google News Ireland | Netizen 24 Ireland

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