By Kate Brown
DIY store Homebase announced its plans to close up to 80 stores as of next week, leaving up to 2,000 jobs at risk. Homebase currently has approximately 250 stores nationwide and employs 11,500 people.
In May, restructuring company Hilco bought the DIY chain for £1. Hilco is to propose a Company Voluntary Agreement (CVA) in the next week. Other retailers including House of Fraser, Carpetright, New Look and Mothercare have used CVAs in the process of going into administration.
Many high street stores are struggling with the competitive market from online retailers, rising business property taxes as well as poor consumer spending. Sales for Homebase feel 13.5 percent in the last three months to £211 million.