A Hobbycraft store in Kent is set to close as part of a restructure.

Nine “loss-making” stores across the country will close, including the branch at Riverside Retail Park in Canterbury.

Sky News reported that its current owner, private investment firm Modella Capital, is now preparing to take action as soon as Wednesday (April 23).

Hobbycraft had been majority-owned by fund management group Bridgepoint since 2010 but changed hands for an undisclosed sum.

The investment group, which specialises in taking over troubled retailers, acquired the company in August last year.

It has since been confirmed that nine stores will close by mid-July and between 72 and 126 jobs are set to be axed.

Negotiations over rent reductions are currently underway with the landlords of 18 other stores.

The remaining 97 branches are expected to be unaffected by the restructure, which will protect around 1,800 jobs.

There are eight shops in Kent, including Orpington, Canterbury, Crayford, Strood, Maidstone, Tunbridge Wells, Ashford and Thanet.

Modella Capital also bought out discount department store The Original Factory Shop in February and WHSmith’s high street chain last month, which will be renamed TG Jones following the takeover.

Hobbycraft says the retail sector has been under a “great deal of pressure” and the restructure is “necessary to ensure a healthy future”.

CEO Alex Willson 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.”

The restructuring will also result in several management roles being axed at the head office in Bournemouth and distribution centre in Burton on Trent.