It was recently reported that a significant portion of Homebase stores were set to be acquired by UK-based retailer, The Range, a deal saving around 1,500 jobs. Now reports highlight the significant challenges Homebase has faced, culminating in debts exceeding £730 million prior to entering administration. This occurred after years of trading difficulties and mounting losses.
Photo: Dreamstime.
By 2024, Homebase's financial position was such that it was in need of additional funding to maintain operations into 2025 and beyond.
As part of the restructuring, up to 70 Homebase stores in the UK, along with its brand and intellectual property, were sold to CDS (Superstores International), the operator of The Range, for £25.6 million. This deal aims to save around 1,600 jobs from the company's 3,600-strong workforce, with 1,148 employees already transferred under TUPE regulations. Additionally, 11 stores were sold to Sainsbury's, and negotiations for three more are ongoing. Meanwhile, 49 stores remain operational as efforts to secure buyers continue.
Source: www.bigfurnituregroup.com