Major DIY chain with 153 stores to shut a branch within weeks after wave of closures – is your local going?

A MAJOR DIY chain with 153 stores will shut one branch within weeks.

Homebase is closing another store in South Wales next month.

The DIY and garden specialist will shut its Newport store for good on Friday, September 8.

It's the sixth store to close in Wales since 2018 when three stores in Cardiff closed.

It also follows the closure of a single store in Wrexham and another in Swansea.

It means that after September 8 only two Homebase stores will keep a presence in the country.

The store in Bridgend and Haverfordwest will continue to operate as normal.

A spokesperson from Homebase said: "Our Homebase store in Newport will close in September and were working hard to support our team members."

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% off.

Why are retailers closing stores?

Retailers have been feeling the pinch since the pandemic while shoppers are cutting back on spending due to soaring inflation.

High energy costs and a shift to shopping online after the pandemic are also taking a toll and many high street shops have struggled to keep going.

Brands like Frasers have been moving and relocating profitable stores and brands within department stores but other brands have been shutting stores for good.

The inability to renegotiate rents and agreements with landlords is also putting pressure on some retailers to pull out of some locations.

A number of well-known retailers including Argos, Lloyds Pharmacy and Poundstretcher have closed stores in recent months.

But others have been hit so hard they've been left on the brink of administration.

Wilko appointed administrators earlier this month, and all control of the business has now been passed over to PricewaterhouseCoopers (PwC) as it looks for a buyer.

It continues to trade as normal for the time being but it could take weeks to find out if the brand could be rescued by a rival.

However, some big brands are expanding the number of stores they operate.

Poundland is opening 15 new stores over the next few weeks.

These openings form part of the retailer's plans to bring the shutters up on 50 new stores by the end of the year.

B&M is also opening more than a dozen new branches across the UK by the end of 2023.