The retailer has closed a number of stores with some shutting in the next few days including one in London
A high street retailer has launched a 70% off closing down sale as it prepares to shut another three stores starting this weekend. It’s yet another blow to Britain’s high streets, but bargain hunters could bag some deals as the shop clears its stock.
Hobbycraft is set to close its Crayford, London branch today, Saturday, September 20. This will be followed by the closure of its King’s Lynn outlet in Norfolk on Monday, September 22 and its Stafford store the following Sunday, September 28.
In response to this, the retailer has introduced massive discounts of up to 70% off at all three locations to shift its stock before they shut permanently.
This comes after Hobbycraft’s recent closure of its Maidenhead and Chichester branches last Thursday. Customers and supporters of the store voiced their dismay on Facebook regarding the closures, but acknowledged there were some decent bargains to be grabbed.
One user remarked on the Crayford closure: “I was in there yesterday, stuff reduced by 60%, there was a lot of art and craft stuff but going fast – there were some good bargains.”
Another added: “It’s a shame so many places are closing, give it a few years and there won’t be anything left.
“Not surprised, too much online competition and they can’t keep the price low enough with having to run that building and rent,” added another, responding to the news that the King’s Lynn Hobbycraft was due to close. Earlier this year, Hobbycraft revealed plans to close at least nine stores across the UK, a move that could impact up to 126 jobs as part of a restructuring process.
The overhaul is being initiated by Modella Capital, the private equity firm that purchased the arts and crafts retailer in August last year.
Modella, which is also reportedly considering a restructuring at its The Original Factory Shop business, agreed to buy WH Smith’s high street business earlier this year.
Hobbycraft confirmed that nine stores will cease trading, affecting between 72 and 126 jobs. It also mentioned that the future of “a number of other stores” is still under review.
The retail chain stated that the restructuring will also lead to job losses at its Bournemouth head office and distribution centre in Burton-on-Trent. However, it has not disclosed how many roles this will affect.
The company explained that the shake-up is designed to help secure the future of at least 99 stores and 1,800 jobs across the business.
Hobbycraft CEO Alex Wilson previously said: “For many our stores are more than just arts and crafts supplies – they have become places for gaining crafting ideas and inspiration.
“Very sadly, the strength of our offering has not made us immune from the challenges faced by the retail sector in recent years.
“Closing stores is always a last resort and this has been an extremely difficult decision.
“Making these changes is sadly a necessary action to enable us to keep our doors open to crafters up and down the country.”
The following stores were closed earlier this year:
– Bagshot, Surrey.
– Basildon, Essex.
– Borehamwood, Hertfordshire.
– Bristol: Imperial Retail Park.
– Canterbury, Kent.
– Cirencester, Gloucestershire.
– Dunstable, Bedfordshire.
– Epping Forest, Essex.
– Lakeside Shopping Centre, Essex.
