Kirkland leads as DIY retailer Homebase confirms CVA plans putting 1,500 jobs at risk
US firm advises as struggling DIY chain plans to close 42 stores through proposed company voluntary arrangement (CVA)
August 14, 2018 at 09:39 AM
2 minute read
Kirkland & Ellis is advising struggling DIY chain Homebase on a proposed company voluntary agreement (CVA) announced earlier this afternoon.
The planned CVA will see the retailer close 42 stores, putting about 1,500 jobs at risk, with creditors set to vote on the proposal at the end of this month.
Restructuring partners Kon Asimacopoulos and Elaine Nolan are leading Kirkland's team for Homebase, which was bought by restructuring specialist Hilco from Australia's Wesfarmers in May for £1, when Addleshaw Goddard advised Hilco.
Homebase has 241 stores and 11,000 employees, with up to 1,500 of these roles now at risk.
News of Kirkland's role comes as the US firm is also advising on House of Fraser's pre-pack administration sale to Sports Direct for £90m. The firm is representing the bondholders on the deal, with Freshfields Bruckhaus Deringer advising House of Fraser, RPC advising Sports Direct and Clifford Chance advising administrators EY.
Kirkland also advised on the collapse of children's retailer Toys 'R' Us earlier this year.
A host of retailers have announced CVAs in recent months including Mothercare, on which Slaughter and May and Hogan Lovells took key roles, and New Look, which saw Paul Hastings and Sidley Austin advising.
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