Homebase to close a quarter of its stores

The announcement came as Home Retail reported a 13 per cent rise in underlying first half profit
The announcement came as Home Retail reported a 13 per cent rise in underlying first half profit
NICK RAY/THE TIMES

Roughly a quarter of Homebase stores are to close by 2018, leading to job losses, as the DIY chain undergoes a three-year turnaround plan.

Home Retail Group, which owns Homebase and Argos, said that after conducting a review of the DIY chain, it had found “several challenges”, including inconsistent standards across its stores, as well as larges stores with low sales.

As a result, roughly 25 per cent of the 323 Homebase stores will close by 2018. John Walden, chief executive of Home Retail Group, said on a conference call this morning that the closures would lead to job losses but did not specify how many.

“The current estate is too large relative to the demands of the UK market and changing digital shopping patterns,”