Revealed: 42 Homebase stores set to close their doors
Latest restructuring comes after earlier store closure programme
Northern Ireland's Homebase Stores will not be among 42 outlets marked for closure by the DIY company.
Weekly Business Digest Newsletter
The retailer is closing the stores via a Company Voluntary Agreement (CVA), a controversial insolvency procedure used by struggling firms to shut under-performing shops.
- Northern Ireland high street vacancy rate is the highest in the UK according to footfall figures
- Sports Direct launches negotiations with House of Fraser landlords
- Bank branch closures putting some high street retailers out of business – report
Northern Ireland currently has nine stores including two outlets in Belfast. Homebase also has a number of stores in the Republic of Ireland and around 250 stores in the rest of the UK.
The Dublin Fonthill, Dublin Naas Road and Limerick stores are earmarked for closure as part of the CVA.
It is expected that the 42 stores will close during late 2018 and early 2019.
The rest of the stores set to close are in England, Scotland and Wales.
Restructuring experts at Alvarez & Marsal will carry out the CVA, which will require the support of landlords.
A total of 17 Homebase stores have been shut this year and the business has also axed 303 jobs at its head office in Milton Keynes.
Homebase could see some resistance from landlords to the CVA, with landlords saying it leaves them out-of-pocket.
The Homebase store closures follow the sale of the business earlier this year by its former Australian owner Wesfarmers to Hilco, a retail turnaround specialist, for £1.
The creditors will vote on the CVA on August 31 2018.
Belfast Telegraph Digital