A major high street brand is closing several stores – with a huge sale launched. A swathe of Hobbycraft branches are set to close for the final time on Saturday, with bosses hoping to shift as much stock as possible beforehand. Stores in Bristol, Borehamwood, Dunstable, Basildon, Gloucestershire and Kent will all close on that date . Overall, nine stores will shut, in a move that comes as part of a potential company-wide restructure by owners Modella Capital. It is thought that more than 124 stores fall under the Hobbycraft banner in Modella's portfolio, which may soon include Benson for Beds, as they're rumoured to be interested in buying that. The company has more than 2,000 staff working for Hobbycraft, although job losses have not yet been clarified. The news comes in the same week that German insurance behemoth Allianz unveiled plans to axe 650 UK jobs across various sectors of its business. Insiders informed the Financial Times that staff were notified on Wednesday morning that 650 roles within its commercial, speciality and personal insurance divisions are set to be made redundant, pending a consultation. The move is reportedly part of the insurer's shift towards becoming a more digitally-focused entity. The German company employs around 6,000 individuals across the UK, with its main office located in Guildford, Surrey. Allianz UK's job cuts follow a huge Twickenham sponsorship deal. Twickenham, the home of English rugby, was rebranded as Allianz Stadium after the Rugby Football Union and the insurance titan finalised a partnership last August. The agreement was said to be worth £100m over ten years, as reported by City AM. Allianz shelled out just over £1bn to acquire the general insurance division of LV= in two stages, completing the full purchase in December 2019. The insurer also recently made headlines as one of the providers of cyber insurance to Marks and Spencer (M&S), and was poised to cover the first £10m of the retailer's £100m policy. These cuts come in the wake of Colm Holmes, CEO of Allianz Holdings, revealing to the Insurance Post last August that the firm was investing £200m across 2024 and an equal amount in 2025 to implement changes within the UK business. For the latest breaking news and stories from across the globe from the Daily Star, sign up for our newsletters .