"TG Jones is preparing a major restructuring that could see up to 100 stores closed across the UK as pressure mounts on the struggling retail estate. The plans are being drawn up by Modella Capital alongside advisers at Teneo and the law firm Slaughter and May."
"Under the proposals, around 400 branches would be retained, but only if landlords agree to significant rent reductions. The restructuring is expected to form part of a wider legal process, with TG Jones reportedly preparing to seek High Court approval for the changes."
"Modella had previously pledged not to close stores or restructure its businesses for 12 months following its £76 million purchase of WH Smith's high street division in March 2025. That deadline is now approaching, adding further uncertainty for landlords and staff."
TG Jones, the rebranded high street arm of WH Smith, is planning a major restructuring that may involve closing up to 100 stores across the UK. The owner, Modella Capital, is working with advisers to retain around 400 branches, contingent on significant rent reductions from landlords. This restructuring is part of a legal process to avoid insolvency. Modella has already closed all branches of The Original Factory Shop and attributed recent closures to rising costs and government pressures on retail. The WH Smith brand continues to operate separately in travel hubs.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]