One of Britain's best-loved retailers has announced plans to close nine stores across the country in another major blow to Arts and crafts retailer will close the locations as part of a restructure.

The decision could see as many as 126 jobs put at risk amid the shake-up which could save at least 99 stores and 1,800 jobs across the business. chief executive officer Alex Wilson said: "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."

The company was taken over by private equity firm owner Modella Capital last August, with the company stating that the future of "a number of other stores" is still being reviewed.

The restructure is also likely to result in redundancies across its head office and distribution centre in Burton-on-Trent but it has not disclosed how many roles this will affect.

Hobbycraft, which has more than 100 hundred stores nationwide will slash prices by as much as 70% in the affected branches, with its site at Imperial Retail Park in Bristol expected to be the first to go on 21 June.

Dates for the remainder of the stores to close their door remain unclear, but it is expected that sites in , , Gloucestershire and are all amongst those set to cease trading.

Earlier this year, Modella Capital in a £76 million deal.

The company has a track record of purchasing failing high street businesses and turning them around, with Paperchase and The Original Factory Shop amongst the brands it has acquired in the past.

Speaking following the acquisition, Modella Capital said it will keep the Post Office outlets that operate in many branches but will rebrand the High Street chain as TGJones.

Hobbycraft has been approached for comment.

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