Homebase is shutting 42 UK stores , putting up to 1,500 jobs at launch . The DIY chain , which was bought for £ 1 in May by investment firm Hilco , said the outlets will be closed over the next 16 months . Besides a number of " fraud - induced " mistakes by chain 's previous owner , Wesfarmers , it has also come " under scrutiny from all sides " , with customers finding " good alternatives in B&M , supermarkets ' own home sections , Wilko and others " , said Catherine director of retail consultancy Savvy , adding this will " break down in retail history as an example of needing to know the market " .
Homebase is shutting 42 UK stores, putting up to 1,500 jobs at risk. The DIY chain, which was bought for £1 in May by restructuring firm Hilco, said the outlets will be closed over the next 16 months. Besides a number of "self-induced" mistakes by Homebase's previous owner, Wesfarmers, it has also come "under attack from all sides", with customers finding "good alternatives in B&M, supermarkets' own home sections, Wilko and others", said Catherine Shuttleworth of retail consultancy Savvy, adding this will "go down in retail history as an example of needing to know the market".