News services across the UK are this monring reporting that Hilco, owners of Homebase, are lining up administrators in an attempt to save half of the 3,200 jobs that are at risk.
Sky News reports: "The Range, the privately owned general merchandise retailer, is closing in on a deal to snap up a large chunk of Homebase which will save close to 1,500 jobs but raise doubts about at least 1,700 more.
"Sky News has learnt that administrators are being lined up to handle a pre-pack sale of scores of Homebase stores amid hopes that a significant number of the company's remaining jobs can be salvaged.
"The deal with The Range, which is expected to take place on Wednesday, will involve the purchase of up to 75 stores, including Homebase's Irish shops."
In The Telegraph the headline reads: ‘Del Boy billionaire’ rescues Homebase from collapse. With their report saying: "A retail tycoon nicknamed the “Del Boy billionaire” is on the cusp of a deal to rescue scores of Homebase stores as the DIY chain calls in administrators.
"Chris Dawson, who owns and runs The Range homeware outlets, is finalising a takeover that will result in as many as 70 Homebase stores folded into his shopping empire.
"The deal with administrators Teneo is expected to preserve nearly 1,600 jobs across the UK. Up to 1,000 frontline and head office staff are at risk of being made redundant, however, unless buyers for the remaining stores can be found."
The Daily Mail headlines: Homebase heads for administration: Jobs and 130 shops at risk after DIY and garden chain lost £84.2m in a year. "Homebase looks to be heading for administration, with the garden chain appointing insolvency experts which could mean jobs and 130 shops are at risk.
"The troubled chain is preparing to line up Teneo to handle an insolvency process, after it announced a loss of £84.2 million last year.
"Hilco Capital, which bought the retailer for £1 in 2018, looked at cost-saving measures earlier this year which it blamed on customers being more cautious in their spending habits."
