Hobbycraft is currently holding clearance sales in preparation for the closure of six of its stores this month. The arts and crafts retailer is in the process of restructuring its business, which has already led to the closure of 12 other Hobbycraft stores. The first closure this month was the Wigan branch on September 4.
Subsequently, the Maidenhead and Chichester stores will permanently shut down on September 18, followed by the Crayford branch on September 20, King’s Lynn on September 22, and the Stafford store on September 28. These stores are offering discounts of up to 70% on select products to clear out remaining stock.
Hobbycraft, owned by Modella Capital, a private equity firm, stated that these closures are essential to safeguard the future of 99 stores and 1,800 jobs within the business. The company’s CEO, Alex Wilson, emphasized the importance of these changes for a brighter future, mentioning investments in the online business and new customer outreach initiatives like Hobbycraft TV.
In a similar vein, Poundland recently had its restructuring plan approved by the High Court, following its acquisition by investment firm Gordon Brothers. The deal included the closure of 68 Poundland branches, with the company’s store estate expected to reduce to between 650 and 700. Poundland also plans to shut down its distribution centers in South Yorkshire and the West Midlands by early 2026.