Content deleted Content added
Updated to reflect current status and amended some bad grammar. Tags: references removed Visual edit |
No edit summary Tags: Reverted Visual edit Mobile edit Mobile web edit |
||
Line 42:
In January 2016, [[Wesfarmers]] purchased Homebase in a botched attempt to convert the stores to its [[Bunnings|Bunnings Warehouse]] format, ultimately losing £1 billion in total.<ref>{{Cite news |date=2018-05-25 |title=Homebase sold for £1 as DIY disaster ends for Wesfarmers |url=https://www.bbc.co.uk/news/business-44248409 |access-date=2024-12-04 |work=BBC News |language=en-GB}}</ref> In August 2018, Homebase was sold to restructuring firm [[Hilco Capital|Hilco]] for £1. Subsequently, Hilco announced that it would close 42 of the chain's stores, and cut 1,500 jobs through a [[company voluntary arrangement]], in an attempt to return it to profitability. By February 2020, Homebase had 164 outlets and had returned to profitability earlier than expected, with Hilco listing the retailer for sale in November 2020.
In February 2024, it was reported that the retailer had racked up heavy losses in the previous year, and in August sold 10 stores to [[Sainsbury's]].<ref>{{cite web |last=Fish |first=Isabella |date=27 February 2024 |title=Homebase reports heavy losses in ‘challenging year’ |url=https://www.thetimes.com/article/homebase-reports-heavy-losses-in-challenging-year-ffk587qb0 |access-date=29 November 2024 |website=www.thetimes.com }}</ref> In November 2024, Homebase collapsed into [[Administration (law)|administration]]. [[The Range (retailer)|CDS Superstores]] acquired the brand and up to 70 stores from Hilco, to be converted into The Range locations, with plans for Homebase.co.uk to continue.<ref>{{cite web |title=HHGL Limited and Hampden Group Limited – trading as Homebase – in
==History==
| |||