Homebase to Close Third of Stores in UK
- Poor performing stores will close
- Over 2,000 jobs could be lost
- One of many brands facing tough sales
DIY chain Homebase could be shutting up to 40 stores, which will cost 2,000 employees their jobs.
Wesfarmers, the Australian owner of Homebase’s parent firm Bunnings UK, is carrying out a review of the business to make it more efficient.
Rob Scott, the Managing Director of Wesfarmers, said, “The Homebase acquisition has been below our expectations, which is obviously disappointing.
“In light of this, a review of Bunnings UK has commenced to identify the actions required to improve shareholder returns.”
The Australian group said that between 20 and 40 of the worst performing Homebase stores will close down this year.
Homebase currently has 250 stores with 12,000 employees.
Mr Scott added, “We need to address underperformance in our portfolio that is detracting from positive performance in other areas.”
As well as revamping stores and slashing prices, Homebase is in the process of being rebranded as Bunnings.
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