UK's Homebase to Close Around 60 Stores

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Hilco Capital, the new owner of British home improvement retailer Homebase, will next week detail plans to close around a quarter of its stores, threatening over 1,000 jobs, according to a Sky News report. Sky News said Hilco, which acquired Homebase from Australian group Wesfarmers for a nominal 1 pound in May, was expected to outline proposals for a so called Company Voluntary Arrangement (CVA) restructuring that would close roughly 60 of Homebase’s 249 stores, Reuters reported. A string of British store groups have either gone out of business or announced plans to close shops this year, as they struggle with subdued consumer spending, rising labour costs, higher business property taxes and growing online competition. Read more.