YET another of the High Street retail giants looks set to close stores with job loses as they face a number of difficulties.

Homebase could soon be sold off by its struggling Australian owner Wesfarmers however, according to the Press Association, firms including Hilco, Endless, Lion Capital and even discount retailer B&M are considering putting forward an offer for the embattled DIY firm.

The retailer has had what some claim to be a disastrous foray into the UK with its £340 million acquisition of Homebase and subsequent efforts to rebrand its extensive estate.

It was reported earlier this year that Wesfarmers incurred almost £100 million in losses across its UK operations.

The group subsequently announced it was launching a review of the business which could lead to 40 store closures and 2000 job losses, around 20 per cent of its entire operation.

Perth-based Wesfarmers, one of Australia’s biggest companies, bought Homebase for £340m two years ago, but by Christmas the heavy losses emerging from its UK outpost had become untenable. The chain lost nearly £100m in the last six months of 2017.

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