Retail giant Homebase has gone into administration leaving 2,000 jobs at risk and 49 stores at risk of closure. The owner of Homebase, Hilco, has been looking to sell the retailer after a challenging few years for the brand.

Homebase is in the process of "preparing to appoint administrators" with 130 stores likely to be at risk of closure. Britain's high streets have been decimated by a wave of store closures in recent years with the DIY retailer being among the many businesses to shut down locations.

DIY and garden chain Homebase is said to be preparing to appoint administrators months after its owner Hilco Capital started a formal process to sell the company

Up to 2,000 jobs are at risk after British home improvement retailer Homebase called in administrators who immediately sold up to 70 stores, the brand and its intellectual property to The Range owner CDS in a so-called prepack deal.

Homebase has collapsed into administration, putting 2,000 jobs at risk. Hilco, the owner of Homebase, had been looking to sell the struggling retailer but has not managed to find an outright buyer. The company behind The Range retail chain is buying up to 70 stores as well as the Homebase brand, safeguarding about 1,600 jobs.

After it appointed administrators on Wednesday, Homebase has been sold to a retail group CDS. The rescue deal secures up to 1,600 jobs and 70 stores but leaves the future of its remaining 2,000 workers and 49 shops unclear.

Over half of Homebase's workforce faces uncertainty after the DIY retailer's owners called in administrators following a failed sale attempt.