BREAKING | 
The Hobbycraft store opened on Boucher Road in Belfast in 2021
Hobbycraft stores in Northern Ireland are at risk of closure as their owner looks to reduce its costs by entering into a form of insolvency, according to reports.
There are two Hobbycraft stores here, with one at Boucher Road and another at Longwood Retail Park in Newtownabbey.
Hobbycraft is the UK’s biggest arts and crafts retailer, and employs around 20 people in Northern Ireland.
According to Sky News, Hobbycraft owner Modella Capital is getting ready to launch a company voluntary arrangement to reduce its costs.
Sky News said that the proposals would involve nine stores closing, with the loss of around 100 jobs.
In addition, 18 would only stay open if there were fruitful negotiations over rent cuts with landlords.
However, another 97 stores with around 1,800 staff would not be affected by the CVA, Sky News said.
It also reported that Modella Capital is also looking into a restructuring at The Original Factory Shop, which it acquired earlier this year.
According to its website, there are three TOF shops in Northern Ireland, in Portrush, Ballycastle and Warrenpoint.
The Newtownabbey Hobbycraft store opened in 2019, with the Belfast unit following in 2021.