Homebase goes into administration with jobs at risk
**DIY and homewares retailer Homebase has gone into administration, putting more than 2,000 jobs at risk.**
**The company, which has 160 stores across the UK, has appointed administrators from KPMG.**
The BBC reports that Homebase's collapse is the latest in a string of high-profile retail failures this year. In April, department store chain Debenhams went into administration, while fashion retailer Oasis and Warehouse collapsed in April and May respectively.
Homebase's administration is a blow to the UK high street, which has been struggling in recent years due to the rise of online shopping and the impact of the COVID-19 pandemic.
KPMG said it is "too early to say" how many stores will close or how many jobs will be lost, but it is "working with the management team and employees to protect the value of the business and assets, and to explore all possible options for the future."
Homebase was founded in 1979 and is owned by Hilco Capital, a private equity firm. The company has been struggling for several years, with pre-tax losses of £103m in 2020.
The news of Homebase's administration has been met with sadness and concern by employees and customers. Many have taken to social media to express their dismay at the company's collapse.
One employee told the Mirror: "It's a real shame. I've worked here for five years and I've seen the company go through a lot of changes. But I never thought it would come to this."
A customer said: "I'm really disappointed to hear about Homebase going into administration. It's a great store and I've always found the staff to be very helpful. I hope they can find a way to save the business."
The collapse of Homebase is a reminder of the challenges facing the UK high street. The rise of online shopping and the impact of the COVID-19 pandemic have made it increasingly difficult for physical stores to compete.
It is unclear what the future holds for Homebase. However, it is likely that the company will close a number of stores and cut jobs. The collapse of Homebase is a sad day for the UK high street.
Here are some of the key facts about Homebase's administration:
- The company has 160 stores across the UK.
- It employs more than 2,000 people.
- The company has been struggling for several years.
- It made pre-tax losses of £103m in 2020.
- The company has been owned by Hilco Capital since 2018.
- KPMG has been appointed as administrators.
- It is too early to say how many stores will close or how many jobs will be lost.
The collapse of Homebase is a reminder of the challenges facing the UK high street. The rise of online shopping and the impact of the COVID-19 pandemic have made it increasingly difficult for physical stores to compete.
It is unclear what the future holds for Homebase. However, it is likely that the company will close a number of stores and cut jobs. The collapse of Homebase is a sad day for the UK high street.
