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Homebase to restructure Irish retail operations

Homebase will close at least three of its 15 stores in Ireland after the division was placed into examinership, an insolvency process that affords companies time to restructure operations.

The home improvement retailer will close stores in Castlebar, Carlow and Fonthill, though the circa 80 full and part-time staff could yet be offered positions within other group stores, including those run by sister company Argos.

Examinership is an Irish process that involves a court appointed examiner - in this case KPMG - giving protection against creditor action while the company has the opportunity reshape the business.

Rival DIY chain B&Q underwent a similar process and emerged the other side in a slimmer format. The outcome for Homebase's other stores in Ireland likely now depends on talks with landlords at the individual stores.

Homebase says it has lost around third of its sales in three years in Ireland with the division registering losses throughout.

Source: The Furnishing Report

22 July 2013
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