Following liquidation, seven of the stores will close temporarily for renovation and re-merchandising and reopen in late July as House2Home stores; however, one store in Oakland, CA and all three New Mexico stores will close their doors for good, according to company officials.

Faced with fierce competition from home-improvement retail giants Home Depot and Lowe's, Irvine-based HomeBase announced in early December that it would close 22 West Coast stores and reposition its 62 others as home decor outlets, under the brand name House2Home. The firm's decision to recast its business concept came after test marketing the idea in five locations in SoCal and Las Vegas.

"This is a tremendously exciting time for our company as we commit to change our future course and embark upon a new beginning," said Herb Zarkin, HomeBase president/CEO. "We have a unique opportunity to take a leadership position in many high-growth categories within the home furnishings market that we have identified as fragmented businesses with no single dominant competitor."