Hobbycraft to axe stores and jobs in radical restructuring
- Hobbycraft plans to close at least nine stores in the UK, affecting up to 126 jobs as part of a restructuring effort.
- Modella Capital, the private equity firm, is overseeing the changes after acquiring Hobbycraft in August last year.
- The closures will occur by mid-July and will also lead to redundancies at the headquarters and distribution center.
- Hobbycraft CEO Alex Wilson stated that closing stores is a necessary action to ensure the future of 99 stores and 1,800 jobs across the business.
60 Articles
60 Articles
Store closures update: Hobbycraft to shut down multiple stores this year
Hobbycraft is the latest high street staple that is set to close multiple stores as businesses continue to struggle navigating the post-Covid economy.Earlier this week, the arts and crafts chain confirmed that nine of its locations are earmarked for closure in a move that will see around 100 jobs cut.The retailer is owned by Modella Group, the parent company that took over WH Smith, which is also experiencing drastic changes to its business It i…
Hobbycraft Faces Store Closures, 250 Jobs on the Line
Hobbycraft, the UK's cherished arts and crafts retailer, is grappling with a harsh reality: a sweeping restructuring that could see nearly a quarter of its stores close, putting hundreds of jobs at risk. Acquired by private equity firm Modella Capital in August 2024, the chain is navigating a challenging retail landscape with a company voluntary arrangement (CVA) to cut costs and secure its future. From bustling high streets to local shopping ce…
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