Business

UK retailer Homebase to shut 42 shops, 1,500 jobs to go

LONDON (Reuters) – British home enchancment retailer Homebase stated on Tuesday it deliberate to shut 42 shops, impacting 1,500 jobs.

FILE PHOTO: A gross sales assistant tidies up a shelf of paint at a Homebase retailer in Aylesford, Britain, May 1, 2013. REUTERS/Luke MacGregor/File Photo

The closures kind a part of a so-called Company Voluntary Arrangement (CVA) restructuring, permitting the business to keep away from insolvency or administration, proposed by its new proprietor Hilco.

Hilco acquired the Homebase chain from Australian group Wesfarmers for a nominal 1 pound in May.

Homebase stated collectors will vote on the CVA on August 31.

Reporting by James Davey, Editing by Paul Sandle

Our Standards:The Thomson Reuters Trust Principles.

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