UK retailer Homebase to close 42 stores, 1,500 jobs to go

British home improvement retailer Homebase said on Tuesday it planned to close 42 stores, impacting 1,500 jobs.

The closures form part of a so-called Company Voluntary Arrangement (CVA) restructuring, allowing the business to avoid insolvency or administration, proposed by its new owner Hilco.

Hilco acquired the Homebase chain from Australian group Wesfarmers for a nominal 1 pound in May.

Homebase said creditors will vote on the CVA on August 31.

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