Hobbycraft to Close Three Stores with Discounts up to 70%

Hobbycraft is set to close three more stores this weekend, with clearance sales offering discounts of up to 70%. The arts and crafts retailer will shut down its Crayford location on September 20, 2023, followed by the King’s Lynn branch on September 22, 2023, and the Stafford store on September 28, 2023. These closures are part of a broader restructuring initiative that has already seen the company close at least 15 stores across the UK.

The announcement follows recent closures in Chichester and Maidenhead on September 18, 2023. Hobbycraft is now focusing on shifting remaining stock at these locations, allowing customers the opportunity to secure bargains before the stores close permanently.

The firm is owned by private equity firm Modella Capital. According to experts, the closures are deemed necessary to secure the future of at least 99 stores, safeguarding approximately 1,800 jobs within the company.

In a statement, Hobbycraft Chief Executive Alex Wilson expressed the challenges of closing stores but stressed the importance of these changes for the company’s future. “While it’s always tough to say goodbye to some of our stores – and this is always a last resort – we believe these changes will set us up for an even brighter future,” Wilson stated. He emphasized the company’s commitment to enhancing its online presence and exploring new avenues to engage customers, such as launching “Hobbycraft TV.”

The current restructuring efforts come amid a challenging retail environment, exemplified by the recent collapse of beauty chain Bodycare into administration. Initially, Bodycare announced the closure of 32 stores, later increasing that number to another 30. Following these closures, Bodycare is left with about 85 locations.

In further retail developments, budget retailer Poundland was sold to private equity firm Gordon Brothers for just £1 and has announced plans to close 68 stores. However, in a recent update, the company revealed that 11 of these closures have been postponed. Poundland anticipates that as leases expire, the total number of stores will reduce to between 650 and 700, down from 800 at the beginning of its restructuring.

The list of Hobbycraft store closures includes:

– Crayford – closing September 20, 2023
– King’s Lynn – closing September 22, 2023
– Stafford – closing September 28, 2023
– Bagshot – CLOSED
– Basildon – CLOSED
– Borehamwood – CLOSED
– Bristol Imperial – CLOSED
– Bromborough – CLOSED
– Canterbury – CLOSED
– Cirencester – CLOSED
– Chichester – CLOSED
– Dunstable – CLOSED
– Epping Forest – CLOSED
– Lakeside – CLOSED
– Maidenhead – CLOSED
– Southport – CLOSED
– Stratford Upon Avon – CLOSED
– Wigan – CLOSED

As the retail landscape continues to evolve, these changes highlight the challenges faced by traditional high street retailers. Hobbycraft’s focus on restructuring and enhancing its online offerings may be a crucial step in navigating this complex environment.