Homebase set to close 42 stores in CVA

Homebase

Restructuring company Hilco is set to close 42 Homebase stores as part of a proposed company voluntary arrangement (CVA) that is expected to be entered into with the support of landlords later today.

Hilco bought the DIY chain for £1 in May and is expected to enter into a CVA having consulted with landlords across Homebase’s 241 store portfolio. Hilco bought the struggling chain from Australian firm Wesfarmers after a failed project to launch its own DIY brand Bunnings in the UK. and last week appointed Alvarez & Marsal to carry out a restructuring exercise.

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