Bunnings pulls out of Britain after $1.4bn disaster
by Martin Farrer from World news | The Guardian on (#3QZ3Y)
Australian hardware chain's doomed acquisition of Homebase ends with sale for a 1 fee to British company Hilco
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The Australian hardware chain Bunnings has pulled the plug on its disastrous $1.4bn venture into Britain, drawing an ignominious close to one of the worst retail acquisitions ever seen.
After burning through hundreds of millions of dollars trying to sell the all-conquering sandpaper-meets-sausage-sizzle formula to DIY-crazy Britons, Bunnings' parent group, Wesfarmers, said on Friday that it was offloading the 200-plus chain of former Homebase stores for a 1 nominal fee.
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