Landlords relent over Homebase store closure programme

Troubled DIY chain Homebase is set for a reprieve after it emerged that landlords may be cooling on plans to contest its store closure programme.
Property owners were given a month to challenge the retailer's plan to close 42 stores and cut rent payments at others.
One group of major landlords had been discussing options with law firm Hogan Lovells as a deadline later this month loomed. But a property industry source told The Mail on Sunday that a challenge looked 'increasingly unlikely' as support from larger firms has cooled with the focus shifting to other retailers.
One source said landlords were more heavily focused on other potential CVAs – the name for insolvencies that allow retailers to close swathes of stores – with speculation surrounding several firms. 
One said: 'The ill wind blowing through the sector at the moment is Debenhams and everyone is now keeping an eye on that.'
Debenhams insisted last week that it is making profits and it is optimistic that changes to the business are leading to improvements in recent trading.
Fashion retailer Jack Wills is also being closely scrutinised amid rumours it is asking for rent reductions, sources said.

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