Homebase Near Administration; The Range May Buy Stores

Homebase, a major UK DIY and garden chain, is on the verge of administration, threatening the closure of 130 stores and impacting numerous jobs. The chain, which reported a significant loss of £84.2 million last year, has appointed insolvency experts Teneo to handle the proceedings. Hilco Capital, the current owner, had previously attempted a sale process but is now proceeding with administration. Sainsbury's has acquired ten stores and plans to convert them into supermarkets, potentially saving some jobs. Additionally, The Range is reportedly interested in purchasing 75 of the stores to avoid liquidation, which could preserve approximately 1,500 jobs. The situation reflects broader challenges facing UK high streets following the collapses of other retailers like Wilko and The Body Shop.