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Up to 150 former WHSmith high street stores to close
Modella Capital said the plan is meant to protect most of the store estate and preserve as many jobs as possible.
- Modella Capital is planning to close up to 100 TG Jones stores as part of a major restructuring effort. The private equity firm acquired the former WHSmith high street estate last year and rebranded it under the new name.
- Following the expiry of a 12-month moratorium on closures agreed during the 2025 acquisition, the company is pivoting from its previous goal to grow the estate to more than 500 stores and position TG Jones as a "hub of the high street."
- The restructuring would affect around 100 of the chain's 480 shops, aiming to keep approximately 400 branches trading if landlords agree to rent reductions. Stores in Swindon, Chippenham, Oxford, Ipswich, Hampshire, and North Wales are reportedly at risk.
- Modella is reportedly considering a "cram-down" legal mechanism to push through the plan with High Court approval. The firm is working with professional services firm Teneo and law firm Slaughter and May on the proposal.
- Secure Trust, which provided a £50m loan for the acquisition, is expected to play a pivotal role in forthcoming negotiations. The retailer has struggled since the rebrand, with some sites performing better under the original WHSmith name.
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Belfast Telegraph
Belfast TelegraphUp to 150 TGJones stores to close as ‘direct result of government policy’
It is understood hundreds of jobs at TGJones are at risk as part of the restructuring plans the company said were necessary. The closure of up to 150 high street stores previously part of the WH Smith business is the “direct result of government policy and recent geopolitical events”, its owners have said. It is understood hundreds of jobs at TGJones are at risk as part of the restructuring plans the company said were necessary after the last 12…
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Total News Sources37
Leaning Left3Leaning Right2Center21Last UpdatedBias Distribution81% Center
Bias Distribution
- 81% of the sources are Center
81% Center
11%
C 81%
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