Closing date for Northampton Homebase store revealed
The Sixfields-based Homebase store has been earmarked for closure while Riverside will remain open, it has been revealed.
Homebase initiated a Company Voluntary Agreement in August, which was approved by creditors and now more than 40 stores have been set for closure, with the Weedon Road-based store set to shut next month.
It is not yet known how many workers will lose their jobs as consultations are still ongoing.
Although Homebase in Riverside will remain open, the store in Weedon Road is earmarked for closure on Friday, December 14.
17 stores already gone
A total of 17 Homebase stores have already been shut this year, and the business has also axed 303 jobs at its head office in Milton Keynes.
The store closures follow the sale of the business by its former Australian owner Wesfarmers to Hilco, a retail turnaround specialist, for Â£1. Homebase was bought by Wesfarmers for Â£340 million in 2016.Wesfarmers is known for its Bunnings chain in Australia, and attempted to import the home improvement brand to the UK by converting a host of Homebase stores into the Bunnings format.
However, the fast pace of the transition gave Wesfarmers little time to introduce the Bunnings brand, which is highly successful in Australia, to UK consumers.
Prior to the Hilco takeover, Homebase had 250 stores at its peak and 12,000 staff members.Landlords may not bail Homebase out
It was first reported in June that Homebase was exploring further store closures through a CVA.
The retailer would have to secure the support of landlords to carry out the procedure.
But the property industry is leaning against the implementation of CVAs – which have recently been adopted by the likes of House of Fraser, Carpetright and Mothercare – saying the process leaves building owners out-of-pocket.
The latest restructuring comes off the back of a store closure programme Homebase has been carrying out since February.