A POPULAR high street retailer has revealed the exact dates it will be shutting six of its stores.
Hobbycraft will be closing the stores as part of a restructuring effort to rescue the brand.
Hobbycraft is closing six of its stores next month and closing down sales are already on[/caption]
The arts and crafts chain confirmed to The Sun that the next store to close will be Wigan on September 4.
The Maidenhead and Chichester stores will then close on September 18.
Crayford will shut for good on September 20, while King’s Lynn will be going on September 22.
The final store to close will be Stafford on September 28.
All of the stores already have closing down sales with discounts of up to 50% off.
Hobbycraft said the discounts will increase to up to 70% before the stores shut.
That means shoppers can grab some huge bargains if they visit before the shops close for good.
The timings of these discounts will vary across each store.
Hobbycraft currently has 110 stores across the UK.
The retailer launched a strategic review of its business in April to try to balance its books.
Alex Willson, chief executive of Hobbycraft, 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 closure dates
- Wigan – September 4
- Maidenhead – September 18
- Chichester – September 18
- Crayford – September 20
- King’s Lynn – September 22
- Stafford – September 28
What’s been happening at Hobbycraft?
The retail sector has been hit by soaring costs and lower footfall in recent years.
Hobbycraft said previously it was not “immune” from these challenges and it’s had to make radical changes so it can keep trading.
The chain was bought last summer by private equity firm Modella Capital, which also recently snapped up WHSmith’s high street arm and The Original Factory Shop.
Modella is known for buying struggling retailers and turning them around.
Hobbycraft launched a strategic review of the business earlier this year and announced it would close some of its stores.
Nine of its loss-making stores already closed in June.
Among the sites that closed were Bristol, Dunstable, Borehamwood and Basildon.
Hobbycraft said the restructuring plan would secure the future of at least 99 stores and 1,800 jobs.
Bosses have also been negotiating rents with landlords at a number of other branches.
More high street closures
Hobbycraft isn’t the only retailer that’s been forced to shut stores recently.
Poundland, which was bought out by investment firm Pepco in June, is shutting 49 branches this month.
A total of 68 stores are expected to shut by mid-October.
River Island also had plans to shut 33 branches approved by the High Court as it tries to rescue the business.
Meanwhile The Original Factory Shop is closing branches next month as it goes through a restructuring.
Footasylum has shut several locations across the country since the start of the year.
And GAME, which operates around 240 stores across the UK, has announced the closure of six of its stores across the UK in August and September.
It’s slashed the prices of some of its products by up to 20% across the closing stores.
Plus, jewellery chain Claire’s has collapsed into administration and stopped its online orders for customers.