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22 October 2014, 10:59
The Milton Keynes based Home Retail Group says it's planning on closing a quarter of its 323 Homebase stores - putting thousands of jobs at risk.
It's already shutting 30 in the current financial year.
The company's results show profits actually rose at Homebase in the last six months.
A spokesperson for Home Retail Group said: "Home Retail Group has announced a three-year plan for Homebase to revitalise the business for the future.
"Part of the plan will be to right-size the store estate through scheduled lease expiries and a series of sales to other retailers.
"Once they are identified, our colleagues will be the first to be informed about any of the affected stores, and where possible we will redeploy colleagues to other stores within the Group, or encourage retailers buying our leases to offer roles within their businesses locally.
"These changes are necessary to make Homebase a stronger business for the future."