Homebase is cutting 300 jobs at its Milton Keynes head office amid speculation that up to 80 stores will close after its takeover by the restructuring specialist Hilco.
The loss-making DIY chain was bought by the owner of HMV for £1 in a deal agreed in May after its previous Australian owner, Wesfarmers, pulled the plug on a “disastrous” venture into the UK.
Wesfarmers, which bought the business for £340m two years ago, offloaded the entire 250-store Homebase chain, which has a workforce of just over 11,000 people, ditching a plan to convert them to its Bunnings brand.
