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Creditors approve British retailer Homebase restructuring plan


© Reuters. FILE PHOTO: A sales assistant tidies up a shelf of paint at a Homebase store in Aylesford

(Reuters) – Homebase creditors have approved a proposal to close 42 stores, putting 1,500 jobs at risk but giving the British home improvement retailer a lifeline from the brink of collapse, the company said on Friday.

Homebase said the so-called company voluntary arrangement (CVA) restructuring proposed this month was approved by 95.92 percent of the company’s creditors.

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