The chain’s owners reportedly told investors to back radical restructuring plans or risk total collapse by the end of ‘July’, after the company was ‘forced’ to rebrand the iconic High Street chain
When WHSmith bosses announced they would be replacing locations of the High Street stalwart with the rebranded name TGJones, the decision was met with mixed reactions. And now, just over a year after the rebrand, nearly a third of the newly named stores are set to close as part of a restructuring plan by the owner.
Around 150 of the 480 former WHSmith stores look set to shut for good, in what owners Modella Capital have described as an “essential part” of the company plan moving forward.
A spokesperson for the British private equity firm told the BBC that the decision “not been taken lightly” highlighting a difficult landscape for physical retail stores around the UK. The spokesperson said:
“While we continue to believe in the strength of the core business, TGJones has experienced highly challenging trading conditions over the past year, along with many other brick-and-mortar retailers.”
Modella argue that some of the issues with their stores have come from the name change, which they say was “forced”, as well as due to “government policy” and ” “geopolitical events”.
They explained: “The restructuring plan is designed to protect the substantial core of the store estate and create a stronger, more sustainable business that can continue to serve customers for years to come”.
“We want to be clear, however, that the plan may result in the closure of some stores and the loss of some roles,”
“We recognise the impact this uncertainty will have on colleagues, their families and the communities we serve.”
Perhaps even more worryingly, a report by Retail Week found that Modella Capital told investors to back the restructuring plans or risk total ‘collapse’ as soon as July.
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.
WHSmith agreed the sale of its high street business in March 2025, and the new oner pledged not to shut branches or restructure for 12 months following its purchase of the chain.
WHSmith continues to function as an independent entity, maintaining outlets in airports, railway stations and motorway services.
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.
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