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Homebase deal leaves 2,000 jobs at risk from
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Homebase Deal Leaves 2,000 Jobs at Risk
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Hundreds of Homebase stores face closure amid takeover deal
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Parent company Hilco Capital is set to sell the chain to restructuring specialist Hilco Capital
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More than 2,000 jobs are at risk after Homebase was sold in a deal that could lead to the closure of hundreds of stores.
The DIY chain's parent company, Hilco Capital, has agreed to sell Homebase to restructuring specialist Hilco Capital.
The deal is expected to complete by the end of this month, and it is understood that a number of stores will close as part of a restructuring of the business.
Hilco Capital bought Homebase out of administration in 2018, and it is thought that the company may now be looking to sell off some of the chain's stores in order to reduce its debts.
The news comes as a blow to Homebase employees, who have been left in the dark about the future of their jobs.
The GMB union said it was "deeply concerned" about the impact of the deal on Homebase staff.
"We urge Hilco to work with us to protect jobs and secure the future of Homebase," said GMB national officer, Amanda Gearing.
Homebase has been struggling in recent years, and it has been losing market share to rivals such as B&Q and Wickes.
The company has also been hit by the rise of online retailers, such as Amazon.
In 2018, Homebase closed 42 stores and axed 1,500 jobs.
It is not yet known how many stores will close as part of the latest deal, but it is thought that the number could be significant.
The news has also raised concerns about the future of the Homebase brand.
The chain has been a fixture on the high street for decades, and it is one of the UK's best-known DIY retailers.
However, it is not clear whether the brand will survive the latest deal.
Hilco Capital has a track record of buying and selling distressed businesses.
The company bought Homebase out of administration in 2018, and it has since sold off a number of the chain's stores.
It is thought that Hilco Capital may now be looking to sell off the rest of the Homebase business, including the brand name.
The future of Homebase is now uncertain.
The deal with Hilco Capital is expected to complete by the end of this month, and it is then that we will find out how many stores will close and how many jobs will be lost.
