Homebase closure plan spares its Bury store
Homebase in Bury St Edmunds has been spared the axe under the troubled chain's restructuring plan announced today.
The company is launching a Company Voluntary Arrangement (CVA) and seeking approval from creditors on a plan to reduce its cost base in the UK and Ireland.
Homebase’s sales performance and profitability declined significantly under the previous ownership over the last two years and faced 'an extremely challenging retail trading environment'.
It says the rental costs of some stores are unsustainable and many are loss making so it plans to closet 42 stores, including Ipswich, by early 2019.