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Wesfarmers’ two-year UK foray ends with sale of troubled home improvement chain

Home/Business/Wesfarmers’ two-year UK foray ends with sale of troubled home improvement chain

UPDATE 2-Wesfarmers’ two-year UK foray ends with sale of troubled home improvement chain

* Wesfarmers sells Homebase to Hilco for nominal sum of 1GBP* Bought firm in 2016 for A$700 mln, launched $700 mlnrebranding* Wrote off the entire company in 2018* Company splitting from Coles supermarkets to fundacquisitions(Recasts throughout; Adds shares, analyst, new CEO quote)By Byron KayeSYDNEY, May 25 (Reuters) – Australian retail conglomerateWesfarmers is selling UK home ……
UPDATE 1-Wesfarmers to sell troubled UK home improvement business at a loss

Australian conglomerate Wesfarmers (WES.AX) is divesting its money-losing Homebase business in the United Kingdom and Ireland to an associate firm of London-based Hilco Capital for an undisclosed amount and at a loss….
Wesfarmers agrees sale of Homebase

Wesfarmers, the Australian owner of Homebase, said on Friday it has agreed to divest its stake in the UK DIY chain to a company associated with Hilco Capital for an undisclosed sum….
Bunnings pulls out of Britain after $1bn-plus disaster

Australian hardware chain’s doomed acquisition of Homebase stores ends with sale for ‘nominal amount’ to British company Hilco…
Thousands of jobs at stake as Homebase heads for new owner

The future of Homebase, Britain’s second-biggest DIY chain, will be decided within days as its Australian owner nears the end of its cataclysmic foray into the UK retail sector, casting fresh doubt over thousands of jobs. Sky News has learnt that advisers to Wesfarmers, the Sydney-listed company…
Uber drives through troubled waters, slashes losses and plans new stock sale

The overall improvement in the company’s finances comes after a year of controversies…
Kroger Buys Meal-Kit Company Home Chef in Latest Online Acquisition

Kroger is buying Home Chef, the largest private meal-kit company in the U.S. by sales, its second deal in as many weeks aimed at bolstering the supermarket chain’s online business….
US average mortgage rates at 7-year highs; 30-year 4.61 pct.

Long-term U.S. mortgage rates jumped this week, marking their highest levels in seven years amid the peak home buying season….
JC Penney CEO Marvin Ellison quits for top job at Lowe’s

J.C. Penney CEO Marvin Ellison is leaving the department store chain to become CEO of Lowe’s, the home improvement chain reported Tuesday….
Wesfarmers to sells Bunnings UK business

Subscribe to The Australian to get unrestricted digital access, home paper delivery, Apps for iPad and Android, member only +Rewards and much more……
Average mortgage rates in the US at a 7-year high; 30-year rate hits 4.61%

Long-term U.S. mortgage rates jumped this week, marking their highest levels in seven years amid the peak home buying season. The average rate on 30-year, fixed-rate mortgages was 4.61%….
JC Penney CEO Ellison jumps ship to Lowe’s

J.C. Penney’s (JCP.N) Chief Executive Officer Marvin Ellison is leaving the struggling retailer to join home improvement chain Lowe’s Cos Inc (LOW.N), the companies said on Tuesday, sending shares in the U.S. department store chain down 4 percent….