Hobbycraft, the UK's largest arts and crafts retailer, is closing nine stores in one of the biggest contractions in its 29-year history. The move follows the company's takeover by private equity firm Modella Capital and comes amid a surge in online sales and rising operational costs.
Branches across England will shut, putting dozens of jobs at risk, after a review of store performance, rent viability and local demand. The closures are part of a company voluntary arrangement (CVA) aimed at safeguarding the core business and preserving most of its 99 remaining stores.
