The store is located at Halbeath Retail Park and employs over a dozen people.
The company suffered a loss of £84.2 million last year and is said to be preparing to appoint the company Teneo to handle its insolvency.
The news of administration puts 130 stores at risk of closure. It comes shortly after the company announced that its Glenrothes store is marked to close down before the end of 2024.
However, there is hope for up to 70 stores which owner of The Range homeware outlets Chris Dawson is considering purchasing.
It could save around 1,500 jobs, but a further 1,700 would still be at risk.
Homebase is currently owned by the company Hilco Capital, who purchased it from Westfarmers for a single pound in 2018. Since the takeover, the company has already closed 106 stores.