Displaying items by tag: job losses

DIY retailer Homebase has entered administration, putting 2,000 jobs at risk. Its owner had hoped to sell the struggling retailer but failed to secure a buyer. The Range has purchased up to 75 Homebase stores and the brand, saving approximately 1,600 jobs, but 49 stores remain unsold. The administrators are continuing to seek a buyer for these locations; no immediate redundancies have been announced, and the stores will continue trading for now. The firm’s collapse follows years of financial difficulties, exacerbated by a decline in consumer spending after the pandemic, persistent inflation, supply chain disruptions, inability to match the price and quality of competitors, and unseasonably poor weather. Losses totalled £84.2 million last year, and despite efforts to restructure and secure investment, the company’s financial struggles persisted. The situation reflects broader trends in the home improvement sector, where high inflation and consumer caution have hit sales.

The UK's economy grew 5.5% between April and June as spending surged after lockdowns. However an investment and markets analyst said, ‘Any hope that the end of the furlough scheme would solve the supply chain crisis is likely to be wishful thinking. There will be a big mismatch of skills and experience between those leaving furlough and the jobs on offer.’ Jess Pitman was furloughed from her job organising trips abroad to raise money for charities, but travellers cancelled when Covid hit. The company's payroll has reduced from 27 to 5. Furloughing has finished, and Jess will return to work part-time, topping up her income with freelance work. To counteract furlough finishing, a £500m Household Support Fund will provide a lifeline for those who might struggle to keep up with their winter bills for food and utility. Local councils will give the grants to cover essential costs.