Homebase is preparing to announce the closure of up to 80 stores next week, with the probable loss of about 1,000 jobs.
The loss-making DIY chain, which was bought by the restructuring experts Hilco in a deal agreed in May, is expected to file a company voluntary arrangement (CVA), a form of insolvency that enables a retailer to exit or alter deals with landlords.
The process is expected to be handled by Alvarez & Marsal, a specialist adviser on corporate insolvencies that advised Toys R Us on a CVA before the it collapsed this year.
The company has already shut 17 unprofitable stores and confirmed plans to close at least 23 more. Industry insiders said the 23 would be part of a CVA involving between 60 and 80 stores in total.
Read the full article at: https://www.theguardian.com/business/2018/aug/08/homebase-set-to-announce-closure-of-up-to-80-stores