CRAFT giant Hobbycraft is closing nine stores by the middle of July – with more than 120 jobs potentially at risk.

The retailer was bought by private equity firm Modella Capital last year, and the new owner has now unveiled the first phase of a restructuring plan.

It will see up to 126 jobs put at risk, with the nine stores shutting by mid-July, as well as others potentially facing the axe in the coming months.

Jobs will also go at the firm’s HQ, in Bournemouth, and its distribution centre in Burton-on-Trent.

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Chief executive officer, Alex Wilson, said: “Hobbycraft is the UK’s leading arts and crafts retailer, with a strong presence across the country and online, fantastic colleagues and loyal and engaged customers.

“For many our stores are more than just arts and crafts supplies, they have become places for gaining crafting ideas and inspiration.

“Very sadly, the strength of our offering has not made us immune from the challenges faced by the retail sector in recent years.

“Closing stores is always a last resort and this has been an extremely difficult decision.

“Making these changes is sadly a necessary action to enable us to keep our doors open to crafters up and down the country.”

Hobbycraft stores to close by the end of July are:

• Bagshot, Surrey
• Basildon, Essex
• Borehamwood, Hertfordshire
• Bristol: Imperial Retail Park
• Canterbury, Kent
• Cirencester, Gloucestershire
• Dunstable, Bedfordshire
• Epping Forest, Essex
• Lakeside Shopping Centre, Essex