Nine Hobbycraft stores to shut in DAYS as part of huge restructuring – and they’ve launched closing down sales

HOBBYCRAFT will shut nine stores in days with huge closing down sales launched.

Sites across Bristol, Dunstable, Borehamwood and Basildon are all set to close on June 21, The Sun can reveal.

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A further two sites in Essex and one in Gloucestershire are also set to close, with a site in Kent closing earlier this year.

The impacted stores are part of at least nine Hobbycraft stores that have been earmarked for closure this year.

News of the closures has come as a blow to locals in the area, with Bristol residents describing it as a "shame".

While another said the store would be missed and they needed to find another "rainy day activity".

A Kent local said: "Oh noooooo it’s the only one I go to regularly as the rest are too far away!".

Another resident said they would "need therapy" following news of the closure.

Closing down sales have also been launched across the stores, with up to 70% off on some items.

It comes as new owner Modella Capital is launching an overhaul after buying Hobbycraft in August last year.

Modella also agreed to purchase WHSmith’s high street business earlier this year.

The move is set to impact between 72 and 126 jobs.

It is said the shake-up will help secure the future of 99 stores and around 1,800 jobs across the arts and crafts business.

You can check out the full list of stores earmarked for closure below.

• Canterbury, Kent - closed
• Basildon, Essex - June 21
• Borehamwood, Hertfordshire - June 21
• Bristol, Imperial Retail Park - June 21
• Dunstable, Bedfordshire - June 21
• Epping Forest, Essex - June 21
• Lakeside Shopping Centre, Essex - June 21
• Cirencester, Gloucestershire -June 21
• Bagshot, Surrey - June 21

Hobbycraft is not the only retailer facing hard times.

Up to 11 Original Factory Shops stores are to set to close this month, including sites across Worcestershire, Durham and Cumbria.

Meanwhile, another five stores across Nairn, Market Drayton, Troon, Blairgowrie and Castle Douglas have been put up for sale.

It comes as part of a major restructuring carried out by new owner Modella Capital with a number of loss-making stores having to close as result.

You can see the full list of store closures here:

• Milford Haven, Pembrokeshire - June 26
• Perth - June 28
• Chester Le Street, County Durham - June 28
• Arbroath, Angus - June 28
• Kidwelly, Carmarthenshire - June 28
• Pershore, Worcestershire - June 28
• Normanton, West Yorkshire - June 28
• Peterhead, Aberdeenshire - June 28
• Shaftesbury, Dorset - June 28
• Staveley, Cumbria - July 12
• Middlewich - TBC

The following stores are also up for sale:

• Nairn
• Market Drayton
• Troon
• Blairgowrie
• Castle Douglas

It comes after pivate equity firm Modella bought The Original Factory Shop back in February and has since launched a restructuring effort to renegotiate rents at 88 TOFS stores.

At the end of April, Modella drew up plans to initiate a company voluntary arrangement (CVA) for TOFS.

Companies often use CVAs to prevent insolvency, which could otherwise result in store closures or the collapse of the entire business.

They allow firms to explore different strategies such as negotiating reduced rent rates with landlords.