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• Comment Link Friday, 06 December 2024 23:16 posted by ร้านดอกไม้ จตุจักร

  Home improvement chain Homebase is on the verge of tumbling into administration, with thousands of jobs
  and 130 shops at risk.
  
  The troubled chain is preparing to line up administrators Teneo to handle its insolvency after announcing a loss of £84.2 million last year.
  
  
  
  Hilco Capital, which bought the retailer for £1 in 2018, began investigating cost-cutting measures earlier this year, blaming overly cautious consumers not splashing out on DIY
  projects.
  
  The firm's collapse could sound the death knell for another British high street chain after the deaths of beloved brands including BHS, Wilko and Debenhams and others -
  which have been resurrected as online-only businesses.
  
  
  In August, Sainsbury's agreed to acquire 10 Homebase stores and convert them
  into supermarkets. It co-founded the homeware business in the 1970s before selling it off in the early 2000s.
  
  
  
  
  
  
  Homebase looks to be heading for administration, with the garden chain appointing insolvency experts which could mean jobs and 130 shops are at risk.
  File photo
  
  
  
  
  
  Damian McGloughlin, the managing director of Homebase, told suppliers
  in August it would begin an 'active sale process' to seek new investment
  
  
  
  
  
  Sainsbury's (stock image) agreed to acquire 10 Homebase shops and convert them into supermarkets in a deal which is
  anticipated to create around 1,000 new jobs 
  
  
  
  
  
  A map showing the 10 locations set to be converted into Sainsbury's
  stores - an irony, given the supermarket chain co-founded
  Homebase in the 1970s
  
  
  
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  The locations set for conversion are located in Sutton Coldfield, Bromsgrove, Cromer, Derry/Londonderry, Fareham, Inverurie, Lowestoft, Newark,
  Omagh and Rugby. 
  
  Damian McGloughlin, the managing director of Homebase, told suppliers in August it would
  begin an 'active sale process' to seek new investment.
  
  The chain is reported to be in talks with the owners of The Range and discount shop B&M - with talk of a 'pre-pack'
  administration sale that could save some stores and jobs.
  
  
  
  
  
  Read More
  
  Homebase to close 10 stores with major supermarket chain ready to buy them - is your local shutting?
  
  
  
  The Range is considering swooping for 75 stores in a move
  that could save 1,500 jobs, Sky News reported.
  
  Analysts suggest Homebase may have run into trouble because of high borrowing
  costs - stopping homeowners from investing in improvements
  to their properties.
  
  Susannah Streeter, head of money and markets at Hargreaves
  Lansdown, said: 'It's been tough going in the home renovation market, as
  consumers have tightened their belts amid high borrowing
  costs. 
  
  'Even though interest rates have begun to come down, homeowners
  have been ultra cautious, with bigger ticket items hard to
  shift.
  
  'Some consumers appear to have been ring-fencing spending for holidays and
  experiences rather than major makeovers.'
  
  She added that competitors such as B&M and Home Bargains - which sell much
  cheaper, mass-market furniture - will have cleaned up at
  Homebase's expense.
  
  Ms Streeter continued: 'The Range appears to have found a recipe
  for success with its pile 'em high, sell 'em cheaper approach to homewares, and appears to
  be mulling expanding its footprint by taking a chunk of Homebase stores. 
  
  'The future for others remains uncertain, although there may be other takers in the
  "value" end of the home market, who could swoop in with a cut-price offer.'
  
  Homebase currently operates around 144 locations across the UK, with its first store opening
  in Croydon in April 1981. Sainsbury's dispensed with the business in 2002.
  
  
  Its most recent owners, Hilco Capital, purchased
  Homebase from Wesfarmers in 2018 for £1 after the Australian firm made a series of catastrophic errors - from selling barbeques in winter to firing its entire senior management team. 
  
  Hilco has closed 106 stores since.
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