Struggling Homebase will be closing 42 stores after 96 per cent of its creditors voted in favour of a rescue plan today.
The chief executive of Homebase said the company voluntary arrangement (CVA) would help turn the business around and return it to profitability.
The store closures are expected to lead to around 1,500 redundancies.
Homebase boss Damian McGloughlin confirmed the development: “We are pleased that an overwhelming majority of our creditors, including such a proportion of landlords, have supported the plans laid out in the CVA.
“We now have the platform to turn the business around and return to profitability. This has been a difficult time for many of our team members and I am very grateful for their continued support and hard work.
“We can look to the future with great confidence, and we will be working closely with our suppliers to capitalise on the opportunities we see in the home improvement market in the UK and Ireland.”
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