DIY chain Homebase has announced the closure of 42 stores with one North Yorkshire branch facing the axe.

Up to 1,500 jobs were put at risk following yesterday’s announcement, which was the results of a comprehensive review by the brand of its store portfolio.

While stores in Selby and Harrogate escaped the closure list, the store in Whitby was one of those no longer deemed viable.

The decision is part of a plan by the retailer to pursue a Company Voluntary Arrangement (CVA).

The CVA enables Homebase to make essential changes to its store portfolio, reducing its cost base and providing a stable platform on which to continue its turnaround.

Homebase says under the terms of the CVA proposal, all creditors receive a better outcome than any other likely alternative.

It is anticipated that 42 stores will close during late 2018 and early 2019.

York’s Homebase store in Foss Islands closed last month. Discount retailer B&M has already announced it will be moving into the site, with plans to open on September 14, creating 50 new jobs.

Creditor of Homebase are due to vote on the proposals set out in the CVA on August 31.