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1,500 jobs at risk as 42 Homebase stores to close

1,500 jobs at risk as 42 Homebase stores to close

Business
DIY retailer Homebase is set to close 42 stores, putting around 1,500 jobs at risk. The retailer is closing the stores via a Company Voluntary Agreement (CVA), a controversial insolvency procedure used by struggling firms to shut under-performing shops.Homebase said it anticipated the outlets would close from later this year into 2019.Until then, "all stores in the UK and the Republic of Ireland will remain open for business as usual and this process will have no impact on customer purchases, outstanding orders or any product or service guarantees".It said a "comprehensive review" had concluded that its current store portfolio mix "is no longer viable"."Rental costs associated with stores are unsustainable and many stores are loss making," it said.The CVA procedure would al...
Gaucho restaurant group collapses with 1,500 jobs at risk

Gaucho restaurant group collapses with 1,500 jobs at risk

Business
About 1,500 jobs are at risk after the Gaucho restaurant group said it intended to appoint administrators.The firm's advisors had been trying to find a buyer for the 39 restaurants in the Gaucho and Cau chains.However, high debt levels and a complex legal structure meant it had been unable to find an "agreed, solvent solution", a spokesperson said.The "ongoing underperformance" of Cau, which has been under threat since May, had also been an issue, Gaucho said.Directors have filed notice of intention to appoint administrators for the business, which is owned by the private equity firm Equistone."Until such time as the administrator has been appointed and agreed plans with management, it is business as usual," its statement said.Cau, described by Equistone ...
General Electric faces fines over French jobs pledge

General Electric faces fines over French jobs pledge

Business
France is threatening to take the unusual step of fining General Electric if it fails to create a set number of jobs in the country.It is claimed the US industrial giant will renege on a pledge to produce 1,000 new jobs by the end of the year.The Labour minister Muriel Penicaud said GE would face a €50,000 penalty for every job not created.The move could be a test of President Emmanuel Macron's bid to push through more business-friendly policies.GE had committed to create a net 1,000 new jobs by the end of this year when it bought the energy business of France's Alstom in 2014. The US company was in competition for Alstom with Siemens of Germany.But GE had created only 323 jobs by the end of April, the finance ministry said last week.GE chief executi...
4,600 jobs to go at jet engine maker Rolls-Royce

4,600 jobs to go at jet engine maker Rolls-Royce

Business
Rolls-Royce is to cut 4,600 managerial and support jobs as the jet engine maker introduces its latest restructuring plan.  Most of the jobs will be axed in the UK, where the FTSE 100 company employs 23,000 out of a global workforce of 50,000.A third of the jobs are expected to go by the end of this year and the rest by the middle of 2020.Rolls-Royce chief executive Warren East signalled the move in March as the company battled to keep to its financial targets and amid problems with its Trent 1000 engines.It has replaced the fan blades on turbines powering Boeing 787 airplanes after cracks and corrosion were found on jets operated by Japan's ANA airline.Mr East said: "It is never an easy decision to reduce our workforce, but we must create a commercial organisation that...
House of Fraser rescue plan to cost 6,000 jobs

House of Fraser rescue plan to cost 6,000 jobs

Business
House of Fraser (HoF) is aiming to cut around 6,000 jobs and more than half its stores under a plan to save the chain amid the crisis facing the high street The company, whose roots can be traced back to 1849, warned it did "not have a viable future" unless creditors and landlords backed its proposals.Its flagship store - on Oxford Street in London - is among 31 of 59 stores facing the axe.:: Is your local store closing? The full list of stores that will goSky News has previously reported on HoF's struggle to secure its financial future - culminating in Wednesday's plan to seek a Company Voluntary Arrangement (CVA) and avoid falling into administration.It said that in addition to its Chinese shareholder taking a 51% stake and injecting millions in new funding, House of Fras...