UK retailer Homebase to close 42 stores, 1,500 jobs to go

LONDON (Reuters) - British home improvement retailer Homebase said on Tuesday it planned to close 42 stores, impacting 1,500 jobs.

The closures form part of a so-called Company Voluntary Arrangement (CVA) restructuring, allowing the business to avoid insolvency or administration, proposed by its new owner Hilco.

Hilco acquired the Homebase chain from Australian group Wesfarmers for a nominal 1 pound in May.

Homebase said creditors will vote on the CVA on August 31.

(Reporting by James Davey, Editing by Paul Sandle)