Hobbycraft has announced plans to shut at least nine stores across the UK in a move impacting up to 126 jobs as part of a restructure.
Private equity firm owner Modella Capital is launching the overhaul after buying the arts and crafts retailer in August last year.
It said nine stores will stop trading by mid-July, affecting between 72 and 126 jobs.
It added that the future of ‘a number of other stores’ is still being reviewed.
Hobbycraft added that the restructuring will also result in redundancies across its Bournemouth head office and distribution centre in Burton-on-Trent.
It has not disclosed how many roles this will affect.
Hobbycraft chief executive officer Alex Wilson said: ‘Hobbycraft is the UK’s leading arts and crafts retailer, with a strong presence across the country and online, fantastic colleagues and loyal and engaged customers.
‘For many our stores are more than just arts and crafts supplies, they have become places for gaining crafting ideas and inspiration.
Hobbycraft has announced plans to shut at least nine stores across the UK
The company confirmed a restructuring will also result in redundancies in the distribution centre in Burton-on-Trent
‘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.’
Private equity firm owner Modella Capital is launching the overhaul after buying the arts and crafts retailer in August last year.
Modella, which is also reportedly pursuing a restructuring at its The Original Factory Shop business, agreed to buy WH Smith’s high street business earlier this year.
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 joins an ever-growing list of high street chains which have been forced to close stores in the past months.
Poundland has confirmed that it will be closing three more stores in Liverpool, Kent and London in the coming weeks.
More than 800 of the discount retailer’s shops were put up for sale earlier this year.
Britain’s high streets have been warned there is ‘worse to come’ this year after more than 13,000 shops closed their doors for good in 2024 – an increase of 28 per cent on the year before.
And in another gloomy report, industry experts predicted that 17,350 shops will shut down in 2025.
Among the 72 to 126 jobs affected, redundancies will also affect staff at Hobbycraft’s head office in Bournemouth
Poundland announced that three more of its discount stores will close in the coming weeks
Closures: Morrisons announced that it would close Morrisons Daily stores earlier this month
A number of retailers, including Sports Direct, JD Sports, New Look, and WHSmith, also announced closures (file photo)
It is the highest figure since the Centre for Retail Research (CRR), which compiled the report, began collecting the data in 2015 and follows the closure of 13,479 stores last year.
Last week Morrisons also closed more than a dozen of their stores for the last time, blaming a rise in national insurance contributions and the minimum wage.
WHSmith announced in January that 17 of its branches were set to close this year, following ten stores in the last two years shutting their doors for the last time.
Other retailers including Sports Direct, JD Sports and New Look have also announced closures.
