The struggling DIY chain Homebase has confirmed it’s closing three of its eleven stores in Ireland. 42 branches across both here and in the UK will close by early next year.
Stores in Limerick, Fonthill and Naas Road in Dublin are those affected here. They will go as part of a wider restructuring of the business which will see 42 stores shut by early next year.
The decision to reduce costs means 1500 people are set to lose their jobs, and follows an “extremely challenging” time for the business.
Damian McGloughlin, CEO of Homebase, said;
“The reality is we need to continue to take decisive action to address the underperformance of the business and deal with the burden of our cost base”.
”Its an essential measure for the business to take and will enable us to refocus our operations and rebuild our offer for the years ahead.”
Homebase was acquired by restructuring specialists, Hilco, earlier this year. It bought the business for £1 after its Australian owners, Wesfarmers, pulled out of the UK market. It had acquired the business for £340m two years previously.
This latest restructuring would come on top of a store closure programme the retailer has been carrying out since February. A total of 17 Homebase stores have been shut this year. The business also axed 303 jobs at its head office in Milton Keynes.