WHSmith’s High Street stores were rebranded as TG Jones after a £76million sale to Modella Capital in March 2025. The new owner is now reportedly considering closing 100 branches as part of a restructuring plan
TG Jones, the recently rebranded High Street division of WHSmith, faces the prospect of shuttering 100 outlets as it unveils a major restructuring plan.
According to The Times, new proprietor Modella Capital, which has just confirmed the closure of all Claire’s stores, has been developing proposals that could see 100 branches eliminated.
Modella is understood to be collaborating with consultants at Teneo and legal firm Slaughter and May on the restructuring scheme. This would preserve 400 outlets – provided landlords consent to renegotiating rental agreements. TGJones is reportedly preparing to petition the High Court for judicial approval of the proposal, arguing it represents the sole alternative to administration.
Modella previously shuttered all 137 locations of The Original Factory Shop following its acquisition of that retailer. The company has attributed rising expenses introduced by the Government to the closures of both Claire’s and TOFS.
The new proprietor had pledged not to shut branches or restructure for 12 months following its purchase of the chain from WHSmith. That commitment is now nearing its expiry.
WHSmith continues to function as an independent entity, maintaining outlets in airports, railway stations and motorway services, reports Plymouth Live.
WHSmith high street stores, founded in 1792 by Henry Walton Smith, was rebranded as TGJones after a £76million acquisition by Modella Capital in March 2025.
Earlier this week, Claire’s closed all its 154 high street premises throughout the UK and Ireland. Administrators for the fashion accessories retailer confirmed that approximately 1,300 employees would face redundancy as a consequence. The decision won’t impact the retailer’s 356 concessions, many of which are located in Asda stores, or its head office.
The company – renowned for its jewellery, clothing accessories and ear-piercing services – was established in the US before making its UK debut in 1996.
It rapidly spread across UK high streets, but has recently faced stiff competition from budget online rivals. The closures follow Modella Capital’s appointment of Kroll to manage the administration earlier this year.
Modella, also the owner of Hobbycraft, pushed the brand into insolvency following “alarming” weak Christmas sales. This marked the second time the business entered administration within a few months, having been previously purchased by Modella from administration in September last year.
During the previous administration last year, Claire’s had already closed 145 stores, resulting in around 1,000 job losses.
A spokesperson for Kroll stated: “As of April 27, all Claire’s standalone stores in UK and Ireland have ceased trading. All store employees have been advised of redundancy. We understand an interested party is in discussion with a number of landlords with a view to taking new leases for some of the sites.”
When approached by The Times, Modella Capital declined to comment.