DIY chain with 153 stores to shut more shops in weeks
A DIY chain with over 150 stores is shutting more shops within weeks and shoppers fear they’ll lose out on “the best” Christmas decorations.
Homebase has announced the closure of two stores in November.
A spokesperson for Homebase said: “We’ll be closing our Plymouth Marsh Mills store in November, an exact date is yet to be confirmed.”
Customers will have to travel 30miles east to get to theclosest store in Newton Abbot after the Plymouth store shuts.
At the same time, Homebase bosses have confirmed that their store on Southam Road in Banbury will shut next month too.
Again, an exact closing date is yet to be announced by Homebase but “store closing” signs have been placed outside the store announcing a closing down sale.
The posters read: “All stock reduced” as “everything must go”.
“Gutted I love Homebase why can’t B&Q go or Wickes go,” said another.
Customers will have to travel 15miles to get to the next closest store in Bicester after the Banbury store shuts.
Homebase has closed 93 stores since it was taken over by Hilco Capital in 2018.
Hilco bought the hardware store chain for £1 from Australian firm Wesfarmers, which paid £340million for what has been dubbed one of the “most disastrous takeovers ever seen”.
Wesfarmers is known for its Bunnings chain in Australia. It attempted to transform Homebase into its own DIY brand.
Prior to the Hilco takeover, Homebase had 250 stores at its peak and 12,000 staff.
But Homebase soon returned to profit after it entered a CVA agreement and restructured its business.
The retailer recently launched a huge gardening sale with some items up to 50% off.
Why are retailers closing stores?
High energy costs and a shift to shopping online after the pandemic are also taking a toll and many high street shops have struggled to keep going.
Brands like Frasers have been moving and relocating profitable stores and brands within department stores but other brands have been shutting stores for good.
The inability to renegotiate rents and agreements with landlords is also putting pressure on some retailers to pull out of some locations.
But others have been hit so hard they’ve been left on the brink of administration.
However, some big brands are expanding the number of stores they operate.
Poundland is opening 15 new stores over the next few weeks.
These openings form part of the retailer’s plans to bring the shutters up on 50 new stores by the end of the year.
B&M is also opening more than a dozen new branches across the UK by the end of 2023.