Homebase administrators have announced the closure of three more stores, adding to the ten already acquired by Sainsbury's earlier in 2024. Employees are being supported during the process, and some closing stores feature Homebase garden centers and Dulux paint mixing machines. The company reports a significant drop in profits and faces ongoing challenges.
Homebase administrators have provided an update on the chain's future as the company confirms the closure of three more stores. This follows the earlier acquisition of 10 sites by Sainsbury's in 2024, although the confirmation for these three sites is pending. Employees at the affected stores are being consulted and supported throughout the ongoing negotiations. Some of the closing stores will feature Homebase garden centers and Dulux paint mixing machines and color walls.
Alex Simpkin, chief executive of CDS Superstores, the owner of The Range, stated, 'We've stepped in following the sad demise of the much-loved Homebase brand, which has had a long and previously successful history of helping UK households with their DIY projects and gardening needs, for over 45 years.' Pictures circulating on social media showcase notices outside the branch at Westwood Cross in Broadstairs advertising 'all stock reduced, everything must go' signs. These notices have sparked sadness among locals as the closing down sale commenced, offering discounts ranging from 10% to 50% on various items.Three additional Homebase sites in Derry, Inverurie, and Omagh, along with a branch in Glenrothes near Fife, have also initiated closing down sales. Previously, Homebase confirmed the closure of six sites before the end of 2024, including Sutton Coldfield, Bromsgrove, Cromer, Fareham, Newark, and Rugby. The company reported a significant 25.1% decrease in underlying pre-tax profits to £568 million for the year ending January 31, 2024. Safestyle, another retail chain, faced administration in October of the previous year. Wesfarmers, the previous owner of Homebase, incurred losses related to the takeover amounting to £57 million in the year ending June 2017. They subsequently launched a business review, ultimately leading to the chain's current situation
HOMEBASE STORE CLOSURES ADMINISTRATION RETAIL BANKRUPTCY
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