Ipswich Homebase store to shut down
- Credit: Archant
It has been confirmed that the Homebase store in Ipswich will close down.
Homebase has secured approval from creditors to close 42 stores in the UK, putting around 1,500 jobs at risk.
The Ipswich store, on Felixstore Road, Warren Heath, will close later this year or in early 2019. However, the two stores in Norwich and one in Colchester have been spared.
The retailer is closing the stores via a Company Voluntary Arrangement (CVA), an insolvency procedure used by struggling firms to shut under-performing shops. Over 95% of landlords to the struggling chain voted to approve the proposal at a meeting on Friday, staving off the immediate threat of administration.
Homebase boss Damian McGloughlin said: “We are pleased that an overwhelming majority of our creditors, including such a proportion of landlords, have supported the plans laid out in the CVA.
“We now have the platform to turn the business around and return to profitability. This has been a difficult time for many of our team members and I am very grateful for their continued support and hard work.”