2 weeks Ago By Jordan Tennant
A RETAIL chain with stores in Scotland is reportedly set to close up to 27 branches. Hundreds of jobs at Hobbycraft could be at risk as the company's owner Modella Capital is planning to launch a CVA, Sky News is reporting . 2 Hobbycraft has a number of stores in Scotland Credit: Getty 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. It is unclear if this will affect stores north of the border.
READ MORE MONEY CHOCO LOT Shoppers rushing to major supermarket chain as Easter chocolate prices just 49p HELPING HAND Thousands to get up to £250 free cash for energy bills and council tax 2 A major retail chain is reportedly closing up to 27 branches Credit: Getty More to follow...
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