Up to 150 high street stores formerly operating under the WH Smith brand are set to close, with the business’s owners blaming a combination of government policy and recent geopolitical instability for forcing a major restructuring.
The stores, now trading under the TGJones name following their acquisition by investment group Modella Capital, were part of a 480-site portfolio purchased from WH Smith last year.
In a statement, the company said the decision to close outlets had not been taken lightly but reflected “highly challenging trading conditions” over the past 12 months that had made parts of the estate commercially unviable.
The restructuring is expected to put hundreds of jobs at risk as the business reduces its high-street footprint in response to falling demand and rising operating costs.
The owners said the closures were the “direct result of government policy and recent geopolitical events”, citing a combination of domestic cost pressures and broader global uncertainty that is affecting consumer spending and supply chains.
While the statement did not specify which policies were most influential, retailers have increasingly cited higher employment costs, business rates and wage pressures as factors squeezing already thin margins on the high street.
The reference to geopolitical events is understood to refer to broader international instability, including disruptions in global energy markets and inflationary pressures that have fed through to transport, logistics and household budgets.
The restructuring comes at a time when many traditional high street operators are reassessing their store portfolios in response to changing consumer habits, with online retail continuing to take share and footfall remaining uneven across town centres.
A spokesperson for the business, speaking to the Press Association, said the company remained committed to maintaining a viable national network but acknowledged that difficult decisions were required to ensure long-term sustainability.
The rebranded TGJones chain emerged after Modella Capital acquired the WH Smith high street estate, separating it from the travel-focused WH Smith business that continues to operate in airports, train stations and hospitals.
Industry analysts say the move reflects a broader trend of consolidation and rationalisation across the UK retail sector, particularly among legacy high street brands facing rising costs and weaker consumer demand.
While the scale of the closures will vary by location, the announcement is likely to add to concerns over the future of town centre retail, where vacancies have remained elevated following a series of restructurings across the sector.
For now, attention is expected to focus on how many sites are ultimately retained, and whether the remaining estate can be stabilised in an environment where both domestic policy pressures and global uncertainty continue to weigh heavily on trading conditions.
The Press Association received a statement which 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.
“Weak consumer spending and cost-of-living pressures, combined with rising operating costs as a direct result of government policy and recent geopolitical events, have meant that the company as a whole has remained loss-making.
“The forced name change from WH Smith has also negatively impacted consumer awareness, despite the fact that the proposition has improved.”
The statement continued: “The survival of this iconic 234-year-old business is our imperative. No decisions have yet been taken on how this will impact roles, but we will aim to preserve as many jobs as possible.
“Any potential store closures or role reductions will be subject to appropriate consultation, and we are committed to engaging openly and constructively with colleagues and their representatives.
“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.”
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