LONDON — Michael Chaney, chairman of Australia’s Wesfarmers, is flying into the UK this week to review the company’s troubled Homebase stores. Chaney’s guide on this tour is Archie Norman, chairman of Marks & Spencer and an expert in turning around flagging retailers. Wesfarmers acquired the Homebase chain—reportedly against Norman’s advice—in 2016 with the plan of converting them to the Bunnings banner.
While Bunnings is wildly popular in Australia, where its “sausage sizzles” are a folk icon (and where it successfully repelled an attempt by Lowe’s to enter that market with the Masters Hardware banner), its parent acknowledged in February that it bungled its foray into Europe. Wesfarmers is now reported to be discussing its options with investment bankers at Lazard, whose London branch Norman also chairs.
