DIY giant Homebase is the latest retailer to fall victim to the current High Street shopping crisis.

The company has announced it will close 42 stores across the country from late 2018 into early 2019.

It is understood the store closures, which include one west London branch, will lead to 1,500 job losses.

Homebase says the cost saving measures come after declining sales and profitability which has prompted it to launch a Company Voluntary Arrangement (CVA), Gloucestershire Live reports.

Brentford is the only west London branch to be affected by the closure while other stores including ones in Hanworth , Ruislip and Acton , will remain open.

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

The process is expected to lead to a reduction of up to 1,500 roles, although every effort will be made to redeploy team members within the business where possible.

Homebase confirmed all stores in the UK and the Republic of Ireland will remain open for business as usual and this process will have no impact on customer purchases, outstanding orders or any product or service guarantees.

What Homebase boss says:

Damian McGloughlin, CEO of Homebase, said: “Launching a CVA has been a difficult decision and one that we have not taken lightly.

"Homebase has been one of the most recognisable retail brands for almost 40 years, but the reality is we need to continue to take decisive action to address the underperformance of the business and deal with the burden of our cost base, as well as to protect thousands of jobs.

"The CVA is therefore an essential measure for the business to take and will enable us to refocus our operations and rebuild our offer for the years ahead.”

Stephanie Pollitt, Assistant Director of Real Estate Policy, British Property Federation (BPF), said: “These situations are never easy as property owners need to take into consideration the impact on their investors, including those protecting their investors’ pensioners’ savings, as they vote on the CVA proposal.

"Homebase and Alvarez & Marsal have, however, demonstrated best practice, engaging with the BPF in the process and therefore ensuring property owners’ interests have been properly taken into account.

"Ultimately, it will be for individual property owners to decide how they will vote on the CVA, but the proposal has sought to find a solution that provides a sustainable future for Homebase.”

This is the full list of the 42 Homebase stores earmarked for closure

The 42 Homebase stores that are to close

1. Aberdeen Bridge of Don

2. Aberdeen Portlethen

3. Aylesbury

4. Bedford St Johns

5. Bradford

6. Brentford

7. Bristol

8. Canterbury

9. Cardiff Newport Road

10. Croydon Purley Way

11. Droitwich

12. Dublin Fonthill

13. Dublin Naas Road

14. Dundee

15. East Kilbride

16. Exeter

17. Gateshead

18. Grantham

19. Greenock

20. Hawick

21. Inverness

22. Ipswich

23. Limerick

24. London Merton

25. London New Southgate

26. London Wimbledon

27. Macclesfield

28. Oxford Botley Road

29. Peterborough

30. Pollokshaws

31. Poole Tower Park

32. Robroyston

33. Salisbury

34. Seven Kings

35. Solihull

36. Southampton Hedge End

37. Southend

38. Stirling

39. Swindon Drakes Way

40. Swindon Orbital

41. Warrington

42. Whitby