Ten Scottish Homebase stores to close amid cutbacks
Around 1500 jobs across the UK are being put at risk by the decision to close branches.
Ten Scottish branches of Homebase are to close, after the DIY chain announced major cutbacks.
Around 1500 jobs across the UK have been put at risk after the retailer announced a Company Voluntary Agreement (CVA) on Tuesday.
Restructuring experts at Alvarez & Marsal will carry out the CVA, which will require the support of landlords.
The closures come after 16 Homebase stores were shut earlier this year, and 303 jobs were lost as its head office in Milton Keynes.
The company said many of its stores were loss-making and rental costs had become unsustainable.
Stores will begin to close in late 2018 and early 2019, with 42 around the UK due to shut.
The company has 17 branches in Scotland.
Homebase chief executive Damian McGloughlin said: "Launching a CVA has been a difficult decision and one that we have not taken lightly.
"Homebase has been one of the most recognisable retail brands for almost 40 years but the reality is we need to continue to take decisive action to address the underperformance of the business and deal with the burden of our cost base, as well as to protect thousands of jobs.
"The CVA is therefore an essential measure for the business to take and will enable us to refocus our operations and rebuild our offer for the years ahead."
Restructuring experts at Alvarez & Marsal will carry out the CVA, which will require the support of landlords.
Stephanie Pollitt of the British Property Federation (BPF), said: "These situations are never easy as property owners need to take into consideration the impact on their investors, including those protecting their investors' pensioners' savings, as they vote on the CVA proposal.
"Homebase and Alvarez & Marsal have, however, demonstrated best practice, engaging with the BPF in the process and therefore ensuring property owners' interests have been properly taken into account.
"Ultimately, it will be for individual property owners to decide how they will vote on the CVA, but the proposal has sought to find a solution that provides a sustainable future for Homebase."