Hobbycraft prepares to close stores and cut jobs in survival restructure

Hobbycraft owner Modella Capital is setting out plans that could lead to the closure of almost a quarter of its stores.
The private investment firm is gearing up to launch a company voluntary arrangement (CVA) at the retailer as soon as on Wednesday, Sky News reported.
Sources close to the plans claimed that nine of the chain’s stores would be axed, with the loss of around 100 jobs, while 18 more would stay open if negotiations with landlords regarding rent cuts ended successfully.
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