7 HomeBase Stores in Chicago Area Reported for Sale; Company Denies It
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HomeBase, apparently under pressure from its parent company to improve profits, wants to sell its seven stores in the Chicago area, according to Crain’s Chicago Business. A spokeswoman for the chain of home-improvement stores, headquartered in Fullerton, called the report a rumor and declined comment.
HomeBase is a subsidiary of publicly traded Waban Inc. of Massachusetts, which last week said it expected net income for the quarter ended Oct. 30 to drop as much as 33% because of higher costs and lower gross profit margins for its HomeBase division.
Competitor Home Depot, headquartered in Atlanta, is considered a likely candidate to acquire the seven HomeBase stores. Home Depot only recently entered the Chicago market.
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