Homebase rescued from collapse, at the cost of 1,500 jobs

Creditors approve CVA that entails 42 branch closures and landlords taking 90% rent cutsDIY chain Homebase is to cut 1,500 jobs as part of a rescue deal designed to save the company from looming bankruptcy and give it breathing space to recover from the disastrous stewardship of its previous owners.Creditors owed £1.2bn by the company voted in favour of a company voluntary arrangement (CVA), that will lead to the closure of 42 out of 241 branches, with landlords of a further 70 stores agreeing to accept rent cuts of up to 90%. Continue reading…
Via: Homebase rescued from collapse, at the cost of 1,500 jobs