Major high street brand launches ‘everything must go’ sales as it shuts SIX stores this month

A MAJOR high street brand has launched “everything must go” sale before shutting down for good.

The popular retailer will be closing six of its stores this month as it undergoes a huge restructuring.

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Hobbycraft stores have slashed down prices of all their stock by up to 70 per cent before the closure.

Shoppers can snap up the best deals and bargains before the shops close their doors forever.

Hobbycraft branch in Wigan has already shut down on September 4.

The arts and crafts retailer will close the Maidenhead and Chichester stores on September 18, followed by Crayford on September 20.

King’s Lynn will shut for good on September 22 while Stafford will be the last shop to close on September 28.

Hobbycraft, which operates 110 stores across the UK, has already shut 12 stores.

Alex Willson, chief executive of Hobbycraft, said: “While it’s always tough to say goodbye to some of our stores – and this is always a last resort – we believe these changes will set us up for an even brighter future.

“We’re investing in our online business, exploring exciting new ways to reach customers such as Hobbycraft TV, and remain committed to inspiring creativity across the UK…

“Making these changes now is a necessary step to ensure we can keep our doors open to hobbyists and crafters up and down the country for years to come.”

Hobbycraft’s plans

Last summer, the brand was bought by the private equity firm Modella Capital, which also recently snapped up The Original Factory Shop and WHSmith‘s high street division.

Modella has a reputation for acquiring failing stores and bringing them back to life.

Earlier this year, Hobbycraft stated that it will be closing several of its locations as part of a strategic assessment of the company.

In June, nine of its failing stores had already closed, including Bristol, Dunstable, Borehamwood, and Basildon branches.

According to Hobbycraft, the reorganisation proposal would guarantee the survival of 1,800 jobs and at least 99 outlets.

At several other branches, bosses have also begun talks over rent with landlords.

More high street closures

Soaring costs, lower footfall and a shift to online shopping have all hit the high street in recent years.

It’s led to a succession of retailers closing their stores or falling into administration.

Poundland, which was bought out by investment firm Pepco in June, is shutting 49 branches this month.

The bargain retailer will close a total of 68 stores by mid-October.

River Island also plans to shut 33 of its branches approved by the High Court as it looks to balance its books.

Meanwhile, The Original Factory Shop will close branches this month or by the end of the year as it goes through a restructuring.

Footasylum has shut several locations across the country since the start of the year.

And GAME, which operates around 240 stores across the UK, has announced the closure of six of its stores across the UK in August and September.

Jewellery chain Claire’s has also fallen into administration but should keep its stores open.

However, customers are no longer able to shop online with the brand.