According to BDO, the firm appointed a administrators in late June, Homebase is set to take over 44 Bathstore stores and save the jobs of 154 employees. Homebase will also acquire Bathstore’s intellectual property and all remaining stock.
BDO said that the remaining 90 stores not being transferred to Homebase will “continue to trade for a number of weeks while remaining display stock is sold off”.
Homebase has said it would continue operating the Bathstore shops it has acquired. The DIY retailer also has plans to launch “a significant number” of Bathstore concessions in its larger stores over year and a half.
The rescue deal comes less than a month after Bathstore fell into administration after it failed to find a buyer, ultimately placing 500 jobs and more than 130 stores at risk.
Prior to today’s announcement, 89 job cuts had been carried out at Bathstore’s headquarters.
“In a difficult situation, we have been able to secure the future of the Bathstore brand and the transfer of 44 stores to Homebase to maximise realisations for creditors and protect as many jobs as possible,” said BDO business restructuring partner, Ryan Grant said.
Homebase Chief Executive, Damian McGloughlin said: “We are absolutely delighted to welcome Bathstore into the Homebase family. Since the launch of our turnaround plan just over 12 months ago, we have been focusing on reintroducing the popular ranges and products that our customers have been crying out for,” he said.
“Through strong cost management and improved shopkeeping, we are committed to making Homebase the best place to shop for everything you need for your home and garden projects.”
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