News and Info from Deeside, Flintshire, North Wales

Homebase set to shut 42 stores – but Mold store safe for now

Mold’s branch of Homebase is safe from closure, it has been confirmed this afternoon.

The owner of DIY retailer Homebase has said it will close 42 stores, putting around 1,500 jobs at risk.

However the two north Wales stores – Wrexham and Mold – have avoided closure.

Homebase’s owner Hilco Capital, a restructuring firm, has outlined details of a  Company Voluntary Arrangement today which will see it close stores in a bid to streamline the business.

The company was bought from Australian owner Wesfarmers by Chicago headquartered Hilco for a nominal £1 earlier in May.

Homebase has 241 stores and 11,000 employees. So far 17 stores have closed this year and over 300 jobs have been axed from its Milton Keynes head office.

Restructuring experts at Alvarez & Marsal will carry out the CVA.

 

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