Homebase DIY store to close two branches in city
By Aideen O'Flaherty
DIY retail chain Homebase is set to close two of its Dublin stores, in Fonthill Retail Park and on the Naas Road, as part of a restructuring plan to reduce its cost base in Ireland and the UK as a result of a “significant” decline in sales performance and profitability.
The retailer is planning to close a total of 42 stores in the UK and Ireland during late 2018 and early 2019 under a Company Voluntary Agreement (CVA), which allows companies to close down loss-making stores.
Homebase at the Fonthill Retail Park
It is expected that there will be redundancies in the affected stores, however, the company said that “every effort” will be made to redeploy staff within the business.
Damian McGloughlin, CEO of Homebase, said: “Launching a CVA has been a difficult decision and one that we have not taken lightly.
“Homebase has been one of the most recognisable retail brands for almost 40 years, but 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, as well as to protect thousands of jobs.
“The CVA is therefore an essential measure for the business to take and will enable us to refocus our operations and rebuild our offer for the years ahead.”
