Major retail chain with 124 stores could ‘close up to 27’ branches as part of big shake-up

HOBBYCRAFT is reportedly set to close as many as 27 of its stores as part of a major shake-up.

Hundreds of jobs could be at risk as the company’s owner Modella Capital is planning to launch a CVA, Sky News is reporting.

A CVA, or company voluntary arrangement, is a formal insolvency process that struggling companies can use to pay off their debts over a fixed period of time.

People close to the proposals told Sky’s City editor Mark Kleinman that nine shops will close, resulting in about 100 jobs lost.

A further 18 will only remain open if negotiations with landlords over rent cuts end successfully.