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DIY retailer Homebase has announced the closure of 42 stores which puts 1,500 jobs at risk

Restructuring company Hilco, which bought the DIY chain from Australian company Wesfarmers for £1 in May, confirmed it was planning a Company Voluntary Arrangement (CVA).

Homebase has 241 stores and said the affected outlets would be shut over the next 16 months.  It has already closed 17 stores this year.

As with House of Fraser, the CVA will require the support of landlords.

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