Hobbycraft initiates clearance sales in preparation for the closure of six stores this month. The arts and crafts retailer is currently restructuring its operations, which have already resulted in the shutdown of 12 other stores. The Wigan branch was the first to close on September 4.
Following this, the Maidenhead and Chichester stores are set to permanently close on September 18, with the Crayford branch following on September 20, King’s Lynn on September 22, and the Stafford store on September 28. These stores are offering clearance sales with discounts of up to 70% on select items to clear out remaining stock.
Hobbycraft, owned by private equity firm Modella Capital, stated that these closures are essential to safeguard the future of 99 stores and 1,800 jobs within the company.
Hobbycraft CEO Alex Wilson expressed that while parting with some stores is difficult, it is a necessary step to pave the way for a better future. The company is focusing on bolstering its online presence, introducing new avenues to connect with customers such as Hobbycraft TV, and continuing to inspire creativity nationwide.
In a similar vein, Poundland recently had its restructuring plan approved by the High Court after being acquired by investment firm Gordon Brothers for £1. The deal, which included shutting down 68 branches, was crucial for Poundland to avert financial troubles. Poundland, which had approximately 800 stores prior to the sale, anticipates reducing its store estate to between 650 and 700 due to the recent closures and expiring leases. Additionally, Poundland will close its distribution centers in Darton, South Yorkshire, and Bilston in the West Midlands by early 2026.