Milton Keynes based Home Retail Group has announced plans to restructure its Homebase business.
The company claims their three-year plan will position Homebase as a “smaller but stronger business, ready for investment and growth”, improving productivity. Seven stores have already closed this calendar year and their are plans to close another 23 before April 2015.
Home Retail Group had previously warned that some stores would be closing, but did not say how many. The company couldn’t confirm how many jobs would be affected by store closures, but staff will be the first to be informed about any potential redundancies.
Where possible, colleagues staff under the threat of redundancy will be redeployed to other stores within the Group.
Home Retail Group shares fell by almost 6% following the announcement.