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Homebase announce further store closures

Homebase exit sign 725 x 500

In a conference call to stores on Monday morning, the company has now started to clarify the position with regard to the 70 'Amber' stores.

In August, Homebase announced that 42 stores would close by the Spring of 2019 and that a further 70 branches, code-named 'Amber stores' remained under on-going review and would only remain open if a successful negotiated outcome could be reached with the stores landlords.

Read - Homebase to close 42 stores.

In yesterday's teleconference, it was confirmed to store staff that of the 70 Amber stores, a further 17 would close in the next six months, 21 were confirmed as remaining open and 32 were still under negotiation with landlords; which we now understand may continue until July 2019 before final decisions are made.

Homebase have helpfully confirmed some background to the current process with a spokesperson stating the following:-

"After our CVA was voted through by our creditors in August, we entered conversations with our landlords on the measures laid out in the CVA proposal. Last Thursday was the deadline for landlords to submit break notices as per the terms of the CVA. For many stores, we have agreed new lease terms and in some exceptional cases, landlords have the option to serve notice on our rental agreement in July. In some cases, the landlord has chosen to serve a break notice on a very small number of stores we had intended to keep open, which means we will also be exiting those stores over the coming months".

Since August 2017, 17 branches have been shuttered and combined with the latest announcement, this now brings the total to 76 that will close by Spring 2019, fifty-nine of those since the acquisition by Hilco Capital in May.

The total number of Homebase stores that will be trading post Easter 2019 is likely to be around 190 with a further 32 still at risk, dependent upon the negotiations.

In year ending December 2010 Homebase was trading from 349 branches.

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The list of the 17 additional closure stores is likely to be available before the end of the week.

Source : Insight DIY Team & Homebase Team.

Image : Jonny Essex / Shutterstock.com

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07 November 2018

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