New Homebase owner reprieves UK stores set for closure

By James Davey LONDON (Reuters) - The new Australian owner of British home improvement retailer Homebase has reversed the previous management's programme of store closures, potentially saving as many as 700 jobs, its boss said on Wednesday. Bunnings, part of Australia's biggest retail group Wesfarmers Ltd, completed its 340 million pounds purchase of the 265-store Homebase chain from Home Retail in February. The firm then worked urgently to halt an existing store closure plan, Bunnings Chief Exe