The Press Association first reported in June that Homebase was exploring further store closures through the procedure.
The latest restructuring would come on top of a store closure programme the retailer has been carrying out since February.
16 Homebase stores have been shut this year and the business has also axed 303 jobs at its head office in Milton Keynes.
CVAs have been adopted by a host of retailers including New Look, Carpetright and Mothercare.
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. However, the strategy ended in disaster.
Prior to the Hilco takeover, Homebase had 250 stores at its peak and 12,000 staff.
Southampton Hedge End is in the list of 42 stores which may close
