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

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By Reuters
UK retailer Homebase to close 42 stores, 1,500 jobs to go
FILE PHOTO: A sales assistant tidies up a shelf of paint at a Homebase store in Aylesford, Britain, May 1, 2013. REUTERS/Luke MacGregor/File Photo   -   Copyright  Luke MacGregor(Reuters)

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)