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Homebase awaits CVA vote result

Homebase Argos - Req Cred - Chris Warham  Shutterstock.com - 283964840 725 x 500

The future of Homebase will be decided today.

Creditors will vote on a proposed CVA which, if successful, will see 42 stores shuttered and rents reduced by up to 90% at 70 other store sites.

Homebase's landlords are considering legal action against the proposal.

If the vote is not passed, the company is likely to go into administration, putting around 11,000 jobs at risk. 

Homebase's creditors - which include staff, suppliers and landlords - would be owed in the region of £1.2bn, if the company closes.

The results are expected this afternoon.

We will update you as we hear more.

Source : Insight DIY

Image : Chris Warham  Shutterstock.com - 283964840

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31 August 2018

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