Homebase looks set to become the next casualty of the current drop in ‘bricks and mortar’ trading, with reports that Alvarez and Marsal is to be brought in to carry out a company voluntary agreement (CVA) which will see the DIY retailer shut at least 42 stores, putting some 1,500 jobs at risk
The CVA, which will require the support of the company’s landlords, is likely to mean almost a fifth of its 250 outlets will close.
The proposed restructuring follows on from an existing store closure programme which has seen 17 outlets closed this year and the loss of 303 jobs at the company’s Milton Keynes head office.
The business was sold earlier this year by its former Australian owner Wesfarmers to Hilco, a retail turnaround specialist, for £1.
Report by Pat Sweet
