God, here we go again.
Just walked past the Hobbycraft in Imperial Park yesterday and nearly choked on my coffee when I saw the massive "CLOSING DOWN SALE" banners plastered across the windows. Turns out this DIY giant - you know, the one with 124 stores across the country - is pulling the plug on their Bristol location come June 21st. And honestly? I'm not even surprised anymore.
50% Off Everything (Because Nothing Lasts Forever)
The vultures are already circling. Everything in the store is half price, with some stuff marked down 70%. My neighbor texted me at 7 AM - "GET TO HOBBYCRAFT NOW" - like it was some kind of emergency. Which, for crafters in Bristol, it basically is.
Social media is having a complete meltdown about it. One person posted: "Very sad that this great shop is closing." Another one was practically crying online: "No! First Home Sense now Hobbycraft." Poor crafters don't know where they're gonna get their glue guns and glitter now.
Someone else asked what's going in its place, but honestly? Probably another vape shop or phone repair place. That's what happens to every decent store these days.
The Bloodbath Continues
Bristol isn't alone in this mess. Hobbycraft's new owners - some private equity firm called Modella Capital that bought them last August - are basically taking a machete to the whole operation. Nine stores are getting the axe by mid-July, which means somewhere between 72 and 126 people are about to lose their jobs. Nice timing, right?
Here's teh full hit list:
Bagshot in Surrey, Basildon in Essex, Borehamwood (poor Hertfordshire), Bristol's Imperial Retail Park, Canterbury, Cirencester, Dunstable, Epping Forest, and even the Lakeside Shopping Centre location. That last one really stings - Lakeside used to be THE place to shop.
And get this - Modella also bought WHSmith's high street business earlier this year. These guys are collecting struggling retailers like Pokemon cards.
CEO Speaks Corporate Nonsense
Hobbycraft's CEO Alex Wilson came out with the usual corporate damage control, calling the closures a "last resort" and an "extremely difficult decision." He went on about how their stores are "more than just arts adn crafts supplies" - they're places for "gaining crafting ideas and inspiration."
Listen, Alex. We get it. But inspirational speeches don't pay the rent.
He also said the changes are "sadly necessary" to keep doors open for crafters across the country. Translation: we're killing some stores to maybe save the others. Classic private equity playbook from 2024.
The restructuring is supposedly going to secure 99 stores and 1,800 jobs. But they're also cutting people at the Bournemouth head office and the Burton-on-Trent distribution center, though they won't say how many.
It's Not Just Hobbycraft (Surprise!)
The retail apocalypse is in full swing this month.
The Original Factory Shop - remember them? - is shutting down nine locations this month alone. Milford Haven goes dark on June 26th, then Perth, Chester-le-Street, Arbroath, Kidwelly, Pershore, Normanton, Peterhead, and Shaftesbury all close on June 28th. One more in Staveley, Cumbria gets until July 12th. How generous.
The Works already closed their Margate High Street store on June 8th, with some spokesperson giving the usual line about "optimising our store portfolio." They've shuttered five other branches this year too.
Even Iceland is bailing on Margate - their College Square store closes June 21st, same day as the Bristol Hobbycraft. What are the odds?
At this rate, the high street's gonna be nothing but charity shops and those weird stores that sell phone cases and somehow stay in business despite never having customers.
My friend who works in retail said it best last week: "It's like watching dominoes fall, except each domino is someone's livelihood." Pretty much sums up 2024 so far.
Frequently Asked Questions
What are the different types of money?
The main types of money include commodity money, which is based on physical goods like gold or silver; fiat money, which is government-issued currency not backed by a physical commodity; and digital currency, which exists electronically and is often decentralized, such as cryptocurrencies.
What is the difference between saving and investing?
Saving typically involves setting aside money in a secure account for short-term needs or emergencies, while investing involves using money to purchase assets like stocks or real estate with the expectation of generating a return over the long term. Investing carries higher risks but offers the potential for greater rewards.
What is a budget deficit?
A budget deficit occurs when a government's expenditures exceed its revenues over a specific period, usually a fiscal year. This can lead to increased borrowing and national debt if not addressed through spending cuts or revenue increases.
What are credit scores and why are they important?
Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.
How does inflation affect the value of money?
Inflation refers to the general rise in prices over time, which erodes the purchasing power of money. As inflation increases, each unit of currency buys fewer goods and services, meaning that the value of money decreases in terms of what it can purchase.
What are the risks associated with investing in the stock market?
Investing in the stock market involves several risks, including market volatility, economic downturns, and company-specific factors that can lead to losses. Investors may also face liquidity risk, where they cannot sell an investment quickly without incurring a loss. Diversification and thorough research can help mitigate these risks.
What are the main functions of money?
The primary functions of money are as a medium of exchange, facilitating trade; a unit of account, which provides a standard measure of value; a store of value, allowing individuals to save and transfer purchasing power over time; and a standard of deferred payment, enabling credit transactions.
Statistics
- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
- As of 2021, the median household income in the U.S. was approximately $67,521, according to the U.S. Census Bureau.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
- According to a Gallup poll, 56% of Americans report that their financial situation is better than it was a year ago.
- A study by the National Endowment for Financial Education found that 60% of Americans do not have a budget.
- A survey by the American Psychological Association found that 72% of Americans reported feeling stressed about money at some point in the past month.
- In 2020, the average retirement savings for Americans aged 60 to 69 was approximately $195,000, according to Fidelity.
- According to a survey by the Financial Industry Regulatory Authority (FINRA), about 66% of Americans could not correctly answer four basic financial literacy questions.
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How To
How To Save for Retirement Effectively
Saving for retirement begins with setting clear goals regarding when you want to retire and how much money you will need. Start by contributing to employer-sponsored retirement plans like a 401(k), especially if your employer offers matching contributions. If self-employed or your employer does not provide a plan, consider opening an Individual Retirement Account (IRA). Aim to save at least 15% of your income annually, including employer contributions. Regularly review and adjust your contributions as your income changes. Diversify your investments within your retirement accounts to reduce risk and maximize potential returns over time.
Did you miss our previous article...
https://hellofaread.com/money/living-on-a-narrowboat-saved-me-30k-but-nobody-warned-me-about-finding-dead-bodies
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