TG Jones, the newly rebranded high street arm of WH Smith, 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, reported by The Times, are being drawn up by the owner, 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 on the basis that they represent the only realistic alternative to insolvency proceedings.
It marks another sharp turn in the rapid overhaul of Britain’s high street retail landscape under Modella, which has already closed all 137 branches of The Original Factory Shop following its acquisition of the chain.
The private equity-backed group has also attributed recent closures, including those affecting Claire’s, to rising operating costs and wider Government-driven pressures on the retail sector.
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.
The WH Smith brand itself continues to trade separately, focused on travel hubs including airports, railway stations and motorway services. The high street business, originally founded in 1792 by Henry Walton Smith, was rebranded as TG Jones as part of Modella’s strategy to reposition the chain.
The latest restructuring comes amid a broader wave of retail distress. Earlier this week, Claire’s shut all 154 of its UK and Ireland stores, putting around 1,300 jobs at risk. While its concessions inside supermarkets and other outlets remain unaffected, the collapse highlights continued pressure on traditional high street formats.
Claire’s has expanded rapidly in the UK since its arrival in 1996, becoming a familiar fixture for jewellery, accessories, and ear piercing services. However, like many retailers, it has struggled against online competition and weakening footfall.
Modella Capital has increasingly moved to rationalise its portfolio, having also placed Hobbycraft into insolvency proceedings following a period of poor trading. The firm has described recent closures across its holdings as a response to “alarming” cost pressures and deteriorating consumer demand.
If approved, the TG Jones restructuring would represent one of the most significant single rounds of store closures since the rebranding, underscoring the fragility of mid-tier high street operators as costs rise and consumer habits continue to shift away from physical retail.
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