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Homebase is pressing ahead with a wave of store closures that will see 42 DIY outlets shut, putting around 1,500 jobs at risk.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.Restructuring experts at Alvarez & Marsal will carry out the CVA, which will require the support of landlords.An official announcement from the company is due later on Tuesday. It comes days after it was feared the firm would shut up to 80 outlets.It was first reported in June that Homebase was exploring further store closures through the procedure.The latest restructuring would come on top of a store closure programme the retailer has been carrying out since February.A total of 16 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 the property industry expressing disdain for the procedure, saying it leaves them out-of-pocket.CVAs have been adopted by a host of retailers including New Look, Carpetright and Mothercare.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.Homebase was bought by Wesfarmers for £340 million in 2016.Wesfarmers is known for its Bunnings chain in Australia, and attempted to import the home improvement brand to the UK by converting a host of Homebase stores into the Bunnings format.However, the strategy ended in disaster.Prior to the Hilco takeover, Homebase had 250 stores at its peak and 12,000 staff. Which high street retailers have closed shops in 2018? The carpet retailer is closing 92 stores across the UK.These closures represent nearly a quarter of all UK Carpetright stores.The UK's largest toy shop went into administration in February 201, leading to an estimated 2,000 redundancies.The department store chain is closing 31 of its outlets putting 6,000 jobs at risk The electronics giant has gone bust, closing shops across the country and putting thousands of jobs at risk.   The baby and toddler chain is closing 60 shops across the UK putting up to 900 jobs at risk.  Poundworld announced it was going into administration on June 11 after talks with potential buyer R Capital broke down, putting 5,100 jobs at risk. 

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