Homebase has confirmed that it is looking to close 42 stores, putting up to 1,500 jobs at risk.  The company is launching a company voluntary arrangement (CVA) with a view to reaching an agreement with creditors over its debt.

Homebase said sales performance and profitability had declined significantly over the last two years. The previous owners, Wesfarmers, reported a 13.5% year-on-year drop in sales for its UK & Ireland division.