Last day of trading at major DIY store with 153 locations as shoppers grab bargains in huge sale with up to 90% off

A MAJOR DIY store with 153 locations is closing TODAY as shoppers rush to grab bargains with up to 90 per cent off.

Homebase is pulling the plug on its shop at the O2 Centre on Finchley Road, London.

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Multiple “store closing” signs were put up around the outside and inside the shop in September.

The closure follows proposals to develop 1,800 new homes behind the shopping centre.

Plans for the site include a new town square with shops and restaurants, as well as a gym and a cinema.

It comes after the chain brought down the shutters on its stores in Plymouth and Banbury last month.

Meanwhile the retailer shut its Newport store in South Wales on September 8.

Homebase has closed 93 stores since it was taken over by Hilco Capital in 2018.

Hilco bought the hardware store chain for £1 from Australian firm Wesfarmers, which paid £340million for what has been dubbed one of the “most disastrous takeovers ever seen”.

Wesfarmers is known for its Bunnings chain in Australia. It attempted to transform Homebase into its own DIY brand.

Prior to the Hilco takeover, Homebase had 250 stores at its peak and 12,000 staff.

But Homebase soon returned to profit after it entered a CVA agreement and restructured its business.

The retailer recently launched a huge gardening sale with some items up to 50 per cent off.

The high street has been hit hard in recent years due to the growth of online shopping, especially during the Covid-19 pandemic.

At the same time the cost of living has been rising, leading to shoppers cutting back on non-essential spending.

Brick and mortar stores have also seen a lack of footfall due to consumer habits switching to online shopping.

A whole host of retailers have pulled down the shutters on several stores across the UK.

This post first appeared on thesun.co.uk