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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