Hobbycraft is preparing to close three more stores beginning this weekend, offering discounts of up to 70% off. The high street arts and crafts retailer will shutter its Crayford location on Saturday, followed by the King’s Lynn branch on Monday, and the Stafford store the following Sunday. These closures are part of Hobbycraft’s restructure, which has already seen the closure of 15 other stores, including those in Chichester and Maidenhead.
The store closures are deemed necessary by Modella Capital, Hobbycraft’s private equity owner, to safeguard the future of 99 stores and 1,800 jobs. Chief executive Alex Wilson expressed regret over the closures but believes they are crucial for the company’s future success. Hobbycraft is focusing on enhancing its online presence, introducing initiatives like Hobbycraft TV, and is committed to fostering creativity nationwide.
In related news, beauty chain Bodycare recently entered administration, leading to the closure of several stores. Poundland, another budget retailer, was sold to Gordon Brothers for £1 and had announced plans to close 68 stores, although some closures have been postponed. Poundland aims to reduce its number of stores to around 650 to 700 as leases expire, down from its initial count of 800 stores.
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