Homebase closures: Harrogate branch's good news

Harrogate staff at Homebase will be breathing a sigh or relief today after the store did not appear in a list of planned closures.

The struggling retail giant which, until today had owned 250 stores nationwide, had announced it was planning a new wave of store closures which could see approximately 1,500 jobs at risk.

The national chain had previously closed 18 stores earlier this year with 303 jobs cut at the DIY retailer's head office in Milton Keynes.

But of the 42 DIY outlets now revealed to be on the new list for closure today, the good news for Harrogate is that the local branch located at Plumpton Park near Morrisions store is not one of them.

Reports today say Homebase is set to close nearly a fifth of its remaining branches, via a company voluntary agreement (CVA).

The latter has become a much-used but controversial insolvency procedure used by struggling firms to shut underperforming shops.

Restructuring experts at Alvarez & Marsal will carry out the CVA, which will require the support of landlords.

The news is another hammer blow for the British retail sector after recent closure announcements by M&S, Carpetright, New Look and Mothercare, as well as national restaurant chains.

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