A total of 16 Homebase stores have been shut so far this year and the business has also axed 303 jobs at its head office in Milton Keynes.
Explaining its predicament, Homebase said: "Rental costs associated with stores are unsustainable and many stores are loss-making.
"Homebase's sales performance and profitability declined significantly under the previous ownership over the last two years.
"In addition, the company has faced an extremely challenging retail trading environment, reflecting weak consumer confidence and reduced consumer spending.
"These factors have had a significant adverse impact on Homebase's trading position."
Homebase could see some resistance from landlords to the CVA, with the property industry expressing disdain for the procedure, saying it leaves them out-of-pocket.
CVAs have been adopted by a host of retailers including New Look, Carpetright and Mothercare.
The Homebase store closures follow the sale of the business earlier this year by its former Australian owner Wesfarmers to Hilco, a retail turnaround specialist, for £1.
Homebase was bought by Wesfarmers for £340 million in 2016.
Wesfarmers is known for its Bunnings chain in Australia, and attempted to import the home improvement brand to the UK by converting a host of Homebase stores into the Bunnings format.
Homebase has earmarked 42 stores for closures, here is a full list:
- Aberdeen Bridge of Don
- Aberdeen Portlethen
- Bedford St Johns
- Cardiff Newport Road
- Croydon Purley Way
- Dublin Fonthill
- Dublin Naas Road
- East Kilbride
- London Merton
- London New Southgate
- London Wimbledon
- Oxford Botley Road
- Poole Tower Park
- Seven Kings
- Southampton Hedge End
- Swindon Drakes Way
- Swindon Orbital