CDS Superstores has agreed to buy 70 Homebase stores after the DIY chain went bust
The owner of discount retailer The Range, CDS Superstores, has agreed to acquire 70 Homebase stores following the DIY chain's financial collapse. The deal, orchestrated by billionaire Chris Dawson, is expected to preserve approximately 1,600 jobs.
This follows his purchase of the failed Wilko chain last year, which he has since expanded with new store openings. CDS plans to maintain the Homebase brand online, with the acquired stores continuing to operate under the Homebase name in the coming months before transitioning to The Range superstores, reports The Mirror.
Damian McGloughlin, Homebase's chief executive, stated: "It has been an incredibly challenging three years for the home and garden improvement market. A decline in consumer confidence and spending following the pandemic has been exacerbated by the impact of persistent high inflation, global supply chain issues and unseasonable weather.
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