Hobbycraft is closing six stores with the first one shutting next week
The high street arts and crafts retailer will shut its branch in Wigan on September 4, followed by its stores in Maidenhead and Chichester, which will close on September 18
Hobbycraft has revealed the exact dates six of its stores will close for good - with the first one going next week.
The high street arts and crafts retailer will shut its branch in Wigan on September 4, followed by its stores in Maidenhead and Chichester, which will close on September 18.
Hobbycraft will then shut its Crayford branch on September 20, King's Lynn on September 22, and finally its Stafford store on September 28.
Each store has launched discounts of up to 50% off in order to clear stock, with this increasing to 70% as it gets closer to the closing down dates.
The closures form part of a previously announced restructuring plan by private equity firm owner Modella Capital, which has already seen Hobbycraft shut 12 other stores.
It said the shake-up is intended to help secure the future of at least 99 stores and 1,800 jobs across the business. Hobbycraft has 110 stores across the UK.
Hobbycraft chief executive Alex Wilson said: “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.
"We're investing in our online business, exploring exciting new ways to reach customers such as Hobbycraft TV, and remain committed to inspiring creativity across the UK...
"Making these changes now is a necessary step to ensure we can keep our doors open to hobbyists and crafters up and down the country for years to come."
Full list of Hobbycraft closures
- Wigan - September 4
- Maidenhead - September 18
- Chichester - September 18
- Crayford - September 20
- King's Lynn - September 22
- Stafford - September 28
- Bagshot - CLOSED
- Basildon - CLOSED
- Borehamwood - CLOSED
- Bristol Imperial - CLOSED
- Bromborough - CLOSED
- Canterbury - CLOSED
- Cirencester - CLOSED
- Dunstable - CLOSED
- Epping Forest - CLOSED
- Lakeside - CLOSED
- Southport - CLOSED
- Stratford Upon Avon - CLOSED
It comes after Poundland this week avoided entering administration after a restructuring plan was approved by a judge at the High Court. The company had said it would run out of money in days if the deal had not been given the green light.
Poundland was recently sold to private equity firm Gordon Brothers for just £1 and at the time of its sale, the retailer had around 800 stores.
The company has announced plans to shut 68 stores, which would affect around 1,000 staff. Poundland will also close its frozen and digital distribution site at Darton, South Yorkshire, and another warehouse at Springvale in Bilston, West Midlands.
The company also plans to stop online sales through its Poundland.co.uk website next month, and to axe its Perks app.
Meanwhile, River Island recently secured a restructuring plan aimed at preventing the fashion chain from collapsing - but it means 33 shops will close. The fashion retailer will pay reduced rents on another 71 stores.
Landlords are being asked to cut rents for three years and potentially stop payments completely on some sites in a bid to stem losses. Its rescue deal was approved by the High Court earlier this month.
