Homebase has confirmed that it is having to close 25{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} of its stores, resulting in 4,000 jobs being at risk.
Home Retail Group (HRG) announced that as part of its turnaround strategy and restructuring it will close one quarter of its 323 stores.
It is envisaged that 30 stores will close before the end of 2014.
The group, which also owns Habitat and Argos, believes the structure will position Homebase as a smaller but stronger, healthier business available for investment and growth.
Source: Insolvency News