Homebase owner expected to close around 60 stores under a CVA

It has been reported that Homebase's owner - Hilco Capital - is to propose a Company Voluntary Agreement (CVA) which will see the closure of around 60 of its 249 stores.

Sky News reports that approximately 10% of the 11,000 staff are expected to lose their jobs and references a range of "50 to 80 shops thought to include 18 which have already been closed in recent months".

The CVA will be handled by professional services organisation, Alvarez & Marsal, and is expected to launch in the early part of next week. 

The majority of Homebase's horticulture buying staff left the business earlier this week.

More detail on the story is available here.

Source : Insight DIY Team

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.