The new owners of Homebase will reveal plans to close up to 60 stores next week, putting up to 1,500 jobs at risk.
The loss-making DIY chain, which was bought by restructuring experts Hilco in a deal agreed in May, is set to file a company voluntary arrangement, a form of insolvency that enables a retailer to exit or alter deals with landlords.
Wesfarmers had presided over one of the most disastrous corporate takeovers in recent retail history, buying Homebase for £340m in 2016 and rebranding many of its shops to Bunnings Warehouse before admitting it was out of its depth and disposing of the chain for a nominal fee two years later.
According to Sky News, Alvarex & Marsal will launch the CVA proposal early next week. Our reporter Jessica Savage is outside a Homebase in North London.
It is understood the number of stores facing the axe has not yet been finalised.
Sales in the three months to the end of March fell 13.5% to £211m, according to figures published last month that Wesfarmers blamed partly on the "Beast from the East" weather front which brought inclement conditions to the United Kingdom for an extended period earlier this year.
Homebase declined to comment, while A&M and Hilco could not be reached. Job losses could be between 1,000 and 1,500.
New Look, Carpetright and Mothercare are among the companies to have adopted CVAs this year as the high street struggles with subdued consumer spending, rising labour costs, higher business property taxes and growing online competition. The result has been thousands of jobs lost on the high street.
What used to be a $10 add-on for more tethering data and unlimited 3G speeds while traveling overseas , is now $15 per line. Currently, we dont know if T-Mobile Tuesdays and Music Freedom would be limited to T-Mobile ONE plans from now on.
Crowds of supporters and opponents of the measure braved heavy rain to watch the debate on large screens set up outside Congress. Catholic and evangelical groups protested abortion with the slogan, "Argentina, filicide (child murder) will be your ruin".
Fleetwood, who begins his PGA Championship bid at Bellerive on Thursday , said: "It looks pretty genuine". He was not positive it was the same amount that Tommy won at the Open but we checked and it was.
This is all assuming the Knicks are unable to find a trade partner for Noah, who has played just 53 games in two years with NY . The sides announced a "mutually" agreed upon indefinite leave for Noah on February 2, which he never returned from.
It's something we agree with, which is why the Civic Type R managed to take home Motor Authority's Best Car To Buy 2018 award . Commenting on the Civic Type R, Button said, 'The first thing I noticed when I left the pit lane was how neutral the auto was.
Jessica Lange will also be returning for the first time since leaving the show after its fourth season. According to executive producer Alexis Martin Woodall , "The story begins with the end of the world ".
Athletic confirmed earlier on Wednesday that Arrizabalaga's representatives deposited his buy-out clause at La Liga's offices. Kepa nearly joined Madrid himself in January only for the deal to fall through with his price at just £17.5m.
So. what? Is she engaged? " No, I'm not gonna answer ", she said, as she began picking through a bowl of crickets. After her divorce from Kardashian , she married Caitlyn Jenner (then known as Bruce) in 1991.
The Toffees have pulled off a huge transfer coup by convincing him to choose Goodison Park over their Premier League rivals. Everton are closing in on the free transfer of Brazil worldwide Bernard , Goal can confirm.
The US Senate Intelligence Committee has requested that persecuted WikiLeaks editor Julian Assange testify before committee staff. Rich died 12 days after Wikileaks released the emails.
How to watch the PGA Championship on Eleven Sports
That being said, there is still some risk he withdraws in the middle of the tournament or isn't himself because of the injury. While the elite dream of championship glory, the PGA is unique in that 20 club professionals are granted a spot in the field.
Fresh quake hits Lombok, fells buildings
The Indonesian Red Cross said Thursday that an estimated 20,000 people in remote areas of the island are still without aid. Aid agencies say the number is likely to increase dramatically as they gain access to the worst-hit parts of the island.
Suzuki Motor, Mazda, Yamaha admit false emissions data
Suzuki Motor CEO Toshihiro Suzuki (2nd R) bows with other executives during a news conference in Tokyo , Japan August 9, 2018. Suzuki said almost half of its 12,819 new vehicle inspections involved improper inspections at its three plants.
The Roku Channel is Now Free for Everyone
Given that the service is supported by advertisements, you'll also have to disable any ad-blockers you may be using. The idea here is that free shows and movies will appear on the Roku Home Screen.
Manchester United vs Leicester
United are known to be chasing a new centre back and have been heavily linked with Harry Maguire, Jerome Boateng, Toby Alderweireld and Yerry Mina.
Uber Drivers Logged Off to Protest in Australia
The plan is backed by Council Speaker Corey Johnson, who opposed Mayor Bill de Blasio's similar proposal three years ago. Also, people who live in the outer boroughs worry they will be left stranded.
Facebook, iTunes and Spotify drop InfoWars
YouTube , Jones' most profitable social media channel, removed his content for violating community standards . As of Monday, iTunes searches for " Infowars " or " Alex Jones " turned up no podcasts created by Jones.