Hobbycraft is set to shut down three more stores, starting this weekend, offering discounts of up to 70% off. The arts and crafts retailer will close its Crayford store on Saturday, followed by the King’s Lynn branch on Monday, and the Stafford store next Sunday.
The company is currently in the process of restructuring its business and has already closed down at least 15 stores, including branches in Chichester and Maidenhead. The closures are part of a strategic move by Hobbycraft’s owner, Modella Capital, to ensure the future of 99 stores and 1,800 jobs within the company.
Hobbycraft CEO, Alex Wilson, expressed regret over the store closures but emphasized that these changes are crucial for the company’s future growth. Wilson highlighted investments in the online business and innovative customer engagement strategies like Hobbycraft TV. The aim is to inspire creativity nationwide and ensure the longevity of the brand.
In a similar vein, beauty chain Bodycare recently entered administration, resulting in the closure of multiple stores. Poundland, another budget retailer, faced store closures but later announced a pause on some of the shutdowns. Poundland’s overall plan is to reduce the number of stores to around 650 to 700, down from an initial 800 stores.
