Overview

• Hobbycraft will close nine stores by mid-July, resulting in 126 job losses, with up to 18 additional stores at risk pending rent negotiations.
• Modella Capital, which acquired Hobbycraft in August 2024, has launched a company voluntary arrangement (CVA) to address the retailer's debts.
• Redundancies are also planned at Hobbycraft's Bournemouth head office and Stoke-on-Trent distribution center, though exact figures are unconfirmed.
• Modella aims to preserve at least 99 Hobbycraft branches and 1,800 jobs despite the broader challenges facing UK high street retailers.
• The closures reflect Modella's broader strategy of restructuring struggling retail brands, including its recent acquisition and rebranding of WH Smith to TG Jones.