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2w ago

Hobbycraft to Close Nine Stores on June 21 as Modella Capital Restructures

Modella Capital has launched closing-down sales with discounts of up to 70%, aiming to secure 99 stores by protecting more than 1,800 jobs.

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Overview

  • Nine outlets slated to shut on June 21 will include branches in Basildon, Borehamwood, Bristol, Dunstable, Epping Forest, Lakeside, Cirencester and Bagshot.
  • The closures follow a company voluntary arrangement filed by Modella Capital in April to address Hobbycraft’s mounting debts.
  • Between 72 and 126 roles could be lost across stores and central operations under the latest restructuring phase.
  • Modella Capital acquired Hobbycraft in August 2024 as part of a broader retail turnaround strategy that includes its recent purchase of 480 WH Smith branches.
  • Analysts from the British Retail Consortium and Centre for Retail Research warn that higher employer National Insurance costs may cost retailers £2.3 billion and drive up to 202,000 job cuts this year.