Hobbycraft to Close Three Stores with Discounts Up to 70%

Hobbycraft, the prominent high street arts and crafts retailer, is set to close three more stores as part of a significant business restructuring. The closures begin this weekend, with the Crayford location shutting its doors on September 20, followed by the King’s Lynn branch on September 22, and the Stafford store on September 28. In an effort to clear inventory, the company is offering discounts of up to 70% at these locations.

This decision is part of a broader strategy by Hobbycraft, which has already closed at least 15 stores across the UK, including recent closures in Chichester and Maidenhead on September 18. The restructuring process is being overseen by private equity firm Modella Capital, which emphasizes that these closures are necessary to safeguard the future of at least 99 remaining stores and approximately 1,800 jobs.

Alex Wilson, CEO of Hobbycraft, commented on the closures, stating, “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.” He elaborated on the company’s commitment to investing in its online business and exploring innovative avenues such as Hobbycraft TV to reach customers effectively.

Impact on the Retail Landscape

These closures come at a time when the retail sector is facing significant challenges. Earlier this month, beauty chain Bodycare entered administration, announcing the closure of 32 stores, with an additional 30 closures following shortly after. Bodycare now operates around 85 shops, a stark contrast to its earlier presence. Founded in 1970 by Graham and Margaret Blackledge, the company has been owned by Baaj Capital since 2021.

In related news, budget retailer Poundland was recently sold to private equity firm Gordon Brothers for just £1, with plans to close 68 stores. However, in a recent update, the company announced that 11 of these closures have been paused, as it anticipates reducing its total number of stores to between 650 and 700 as leases expire.

List of Hobbycraft Store Closures

According to reports from credible sources, the following Hobbycraft locations are confirmed for closure:

– Crayford – closing September 20
– King’s Lynn – closing September 22
– Stafford – closing September 28
– 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 Hobbycraft navigates this challenging period, the company remains focused on ensuring its sustainability and ability to serve hobbyists and crafters across the UK for years to come.