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Homebase: A Quarter Of Stores To Be Closed

22 October | 07:26 AM | | Home

The owner of the DIY chain Homebase is to close a quarter of its stores over the next three years as part of a turnaround plan. Home Retail Group, which made the announcement as it confirmed its half-year results, said it planned to shut 25% of its 323 stores by 2018 through scheduled lease expirations and sales. It said: "The result should be a more efficient and productive estate that can support future investments". Homebase currently employs 17,000 people. A spokesperson told Sky News: "HRG has announced a three-year plan for Homebase to revitalise the business for the future."


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Superdry backpack

SuperGroup founder steps aside as Sutherland named CEO

SuperGroup, the British company behind the Superdry fashion brand, on Wednesday named ex-Co-operative Group boss Euan Sutherland as its new chief executive, replacing its founder Julian Dunkerton. Sutherland, who has over 19 years experience in the retail sector having held roles with firms such as B&Q, Dixons and Coca-Cola.

Toys & Entertainment_215

Toys R Us pull Breaking Bad dolls

Breaking Bad fans will have to go somewhere other than Toys R Us to buy character action figures. The retailer has announced it will be removing the dolls from their shelves. A mother from Florida launched an online petition for their sale to be stopped by the chain, as the dolls were a "dangerous deviation from their family friendly values".

Tesco front view

Buffett digests hat-trick of woe

Billionaire investor Warren Buffett lost $1bn yesterday after shares in his second biggest investment Coca-Cola crashed to a six-year low, capping a torrid week for the 84-year old after similar misfortunes with IBM and Tesco. Buffett’s 400m shares in the soft drinks firm fell $2.61 each, reducing the value of his holding by $1.1bn after it reported poor sales.

My Tube: Dior Homme Genesis - The art of creation
Dior Homme Genesis - The art of creation
Akamai - Protect Revenues from Cyber

fruits in a cart/aisle

Supermarkets are 20 years out of date says Waitrose boss

The “big four” grocery retailers are running supermarkets that are 20 years out of date, the boss of Waitrose has said. Mark Price said that changes in British shopping habits are “far more fundamental than the discounters”, which have grabbed shoppers from Tesco, Sainbury’s, Asda and Morrisons.

colourful necklace

Diwali sees Asia retail sales spike

It's the Hindu festival of Diwali this week - and a public holiday in many parts of Asia. It's also a time when retail sales spike and Indian demand for commodities like gold has a big influence on the markets. Sharanjit Leyl reports from Singapore's Little India and speaks to economist PK Basu about the impact the festival has on India and other Asian economies.


Simon & Schuster e-book deal with Amazon closes a chapter

The Simon & Schuster agreement with Amazon brought a sigh of relief to some authors, who will not have to worry about it deteriorating into an ugly, protracted battle such as the one that still pits Amazon against Hachette on e-book pricing. “I love both Simon & Schuster and Amazon, so I’m thrilled that war has been averted,” said Walter Isaacson.

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