Homebase could close up to 40 more stores
HOMEBASE is exploring a second wave of store closures that could see up to 40 outlets shut, putting hundreds more retail jobs at risk.
The DIY chain is sounding out advisers for a potential Company Voluntary Agreement (CVA) insolvency procedure. Sources say restructuring experts at Alvarez & Marsall are being scouted by Homebase for the CVA, although other options are being assessed.
The retailer has been carrying out a store closure programme since February. A total of 17 Homebase stores have been shut, with another 23 earmarked for possible closure.
Homebase’s next round of restructuring will come after its Australian owner Wesfarmers completes the sales of the company to retail turnaround specialist Hilco for £1.