Ghost tour being held at Portsmouth theatre this Halloween
Homebase has announced the full list of 42 stores which are set to be closed.Â
A total of 1,500 jobs are being put at risk due to the closure of the DIY branches.Â
The retailer is closing the stores via a Company Voluntary Arrangement (CVA), a controversial insolvency procedure used by struggling firms to shut under-performing shops.
Homebase boss Damian McGloughlin said: '˜Launching a CVA has been a difficult decision and one that we have not taken lightly.
'˜Homebase has been one of the most recognisable retail brands for almost 40 years, but the reality is we need to continue to take decisive action to address the under-performance of the business and deal with the burden of our cost base, as well as to protect thousands of jobs.
'˜The CVA is therefore an essential measure for the business to take and will enable us to refocus our operations and rebuild our offer for the years ahead.'Â
The firm said it would try to redeploy affected staff.
A total of 16 Homebase stores have already been shut this year and the business has also axed 303 jobs at its head office in Milton Keynes.
Explaining its predicament, Homebase said: '˜Rental costs associated with stores are unsustainable and many stores are loss-making.
'˜Homebase's sales performance and profitability declined significantly under the previous ownership over the last two years.
'˜In addition, the company has faced an extremely challenging retail trading environment, reflecting weak consumer confidence and reduced consumer spending.
'˜These factors have had a significant adverse impact on Homebase's trading position.'
Here is the full list of Homebase stores set to close
- Aberdeen Bridge of Don
- Aberdeen Portlethen
- Bedford St Johns
- Cardiff Newport Road
- Croydon Purley Way
- Dublin Fonthill
- Dublin Naas Road
- East Kilbride
- London Merton
- London New Southgate
- London Wimbledon
- Oxford Botley Road
- Poole Tower Park
- Seven Kings
- Southampton Hedge End
- Swindon Drakes Way
- Swindon Orbital