It is being reported that up to 80 Homebase outlets are to be closed, with the loss of more than 1,000 jobs.
It is unclear if any of its 11 Irish stores will be affected by the DIY chain's plan.
Hilco Capital, who bought Homebase for £1 earlier this year, is expected to reveal more details next week.
It is believed that the store closures will be implemented by a controversial insolvency mechanism called a company voluntary arrangement, which has already been deployed by other high-street retailers in the UK like Carpetright, Mothercare and New Look.
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Homebase have almost 250 stores in Ireland and the UK employing just over 11,000 people.
