TGJones owner Modella Capital to shut up to 150 former WHSmith high street shops

"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. The firm laid the blame squarely at the door of three culprits: the 'forced' rebrand from the trusted, 233-year-old WHSmith fascia, which it said had dented brand recognition almost overnight; rising operating costs 'as a direct result of government policy'."

"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'. Modella has not yet specified how the cuts will be apportioned across its workforce, but conceded the plan 'may result in the closure of some stores and the loss of some roles'."

Modella Capital, which acquired WHSmith's struggling high street stores in March 2025 for £40 million and rebranded them as TGJones, is closing up to 150 of its 480 shops. The restructuring places hundreds of retail jobs at risk amid challenging trading conditions affecting the broader high street. Modella attributes the closures to three factors: the forced rebrand from the established WHSmith name damaging brand recognition, rising operating costs from government policies including increased employer National Insurance contributions and higher minimum wages, and unspecified geopolitical events. The company states the restructuring aims to create a more sustainable business while protecting the core store estate.

Read at Business Matters