Homebase gets creditor backing to shut 42 stores

The proposed closures are further evidence of the deteriorating outlook for British retail sector.Homebase said the restructuring plan, proposed this month, was approved by 95.92 percent of the company's creditors.Homebase was purchased by Australia's Wesfarmers for 340 million pounds in 2016, but it proved a disastrous investment and was sold for a mere 1 pound to Hilco Capital in May.