Friday, 31 August 2018

DIY retailer Homebase future in doubt as creditors meet

DIY retailer Homebase faces a make-or-break vote on its future on Friday as it teeters on the brink of collapse.

The chain - where 70% of outlets are losing money - has proposed closing 42 stores and cutting rents on others as part of a rescue plan.

But some landlords plan to vote against the deal, or Company Voluntary Arrangement, saying it penalises them.

If it is not approved, owner Hilco Capital has said it is "very likely" Homebase will go into administration.

The private equity firm, which bought Homebase for £1 in June, wants to revive the DIY chain under a three-year turnaround plan.

BBC      News.

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