Wesfarmers' charred remains in the UK?
The BBC reported that Wesfarmers' failed UK DIY foray, Homebase plans to close 42 stores and cut 1,500 jobs. Restructuring company Hilco, which bought the DIY chain for £1 in May, confirmed it was planning a Company Voluntary Arrangement (CVA). The retailer, which has 241 stores, said the affected outlets would be shut over the next 16 months. A CVA is an insolvency procedure used by struggling firms to close underperforming shops.