The home DIY retailer could lose its portfolio of 130 stores as its owner prepares to sell the company in a crushing blow to the high street.

Homebase is expected to appoint administrators from Teneo to handle the process, which could see both stores and jobs in danger of being axed for good, according to The Times.

However, there is some hope in saving the iconic brand as Sky News reports that The Range is considering purchasing a portion of the stores.

The Range could buy up to 75 Homebase branches as part of a deal to help the troubled retailer sell its assets before appointing administrators.

While unconfirmed, this move could potentially save around 1,500 jobs. However, it still leaves 58 stores at risk of permanent closure.

Once the formal administration process begins, administrators will seek buyers for the remaining Homebase stores.

It follows reports that Hilco Capital, which purchased Homebase from Wesfarmers in 2018 for £1, is preparing to sell the company after being approached by The Range.

Other previously expressed interest in Homebase retailers include B&M, the London-listed discount retailer. Sainsbury's also recently announced its acquisition of 10 Homebase sites with plans to transform them into supermarkets for a cool £130million. 

Stores earmarked for transformation include Sutton Coldfield, Bromsgrove, Cromer, Derry/Londonderry, Fareham, Inverurie, Lowestoft, Newark, Omagh, and Rugby. The first of these new stores is expected to open by next summer, marking a significant expansion for the supermarket chain.

Homebase operated as a subsidiary of the Home Retail Group for 10 years from October 2006. In February 2016, Australian retailer Wesfarmers, owner of the Bunnings brand, purchased Homebase for £340million.

Just two years later, in February 2018, Wesfarmers reported losses relating to the takeover of £57million in the year to June 2017 and subsequently decided to review the business.

The landmark sale was made in May 2018, when Hilco bought the hardware store chain for a memorable £1.

Before the Hilco takeover, Homebase had 250 stores and 11,500 staff at its peak. However, the brand soon returned to profit after entering a CVA agreement and reshaping its business.

Since being taken over by Hilco Capital in 2018, Homebase has closed 106 stores, including two this month. The Marsh Mills Retail Park site in Plymouth ceased trading just days ago, and the store on Southam Road in Banbury ceased trading.