DIY retailer Homebase to close 42 stores, with 1500 jobs at risk

A Homebase store (Steve Parsons/PA Wire)
A Homebase store (Steve Parsons/PA Wire)

DIY retailer Homebase is set to close 42 stores, putting around 1,500 jobs at risk.

The DIY chain is closing the stores via a Company Voluntary Agreement (CVA), a procedure used by struggling firms to shut under-performing shops.

Restructuring experts at Alvarez & Marsal will carry out the CVA, which will require the support of landlords.

The stores earmarked for closure are yet to be named, and an official announcement from the company is due later on Tuesday.

Homebase has 17 stores across Scotland.

It’s the latest big name retailer to announce such measures, with Mothercare, Poundworld and Toys R’ Us all cutting branches.