HOME BASE COULD BE SOLD.Byline: Daily News Staff and Wire Services The HomeBase HomeBase was a home improvement warehouse chain in the Western United States based in Irvine, California. History Robert J. McNulty and George Handgis founded the chain as a warehouse club called the HomeClub home improvement chain might be sold as part of a proposed deal involving owner Waban Inc. and Kmart Corp. to sell their home-improvement operations to buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. firm Leonard Green & Partners. Anaheim-based HomeBase has seen slow sales growth in the past year, mostly because of a tough economy in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, where the bulk of its 84 stores are located. HomeBase has outlets in Canoga Park and North Hollywood. Terms weren't disclosed but a Waban spokeswoman said Kmart will receive a minimal amount of cash for its Builders Square Builders Square was founded as a big-box home improvement retailer headquartered in San Antonio, Texas. A subsidiary of Kmart, its format was quite similar to Home Depot and Lowe's with floor space of about 100,000 square feet. unit while Waban will get a ``very significant amount'' for HomeBase. Both retailers also will get minority stakes in the new company. |
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