Homebase to shutter 42 stores in UK and Ireland

Homebase plans to close 42 stores in the UK and Ireland, around 20% of its 250-store portfolio. The proposed changes to the store portfolio will also lead to around 1,500 redundancies. The news comes as the business prepares to outline its proposals for a company voluntary arrangement (CVA). The creditors will vote on the CVA on 31 August. Damian McGloughlin, Homebase’s chief executive, said: “Launching a CVA has been a difficult decision and one that we have not taken lightly. Homebase has been one of the most recognisable retail brands for almost 40 years, but the reality is we need