Up to 150 former WHSmith high street stores to close

Modella Capital has initiated a restructuring plan that will lead to the closure of up to 150 out of the 480 high street stores it acquired from WHSmith, which have since been rebranded as TGJones. This decision is a response to challenging retail conditions and escalating operational costs.

The acquisition of WHSmith's high street bookshops occurred last year, followed by the rebranding to TGJones. Unfortunately, this move puts hundreds of jobs at risk, although Modella Capital characterized the initiative as a necessary component of the company's broader turnaround strategy.

A spokesperson from Modella Capital emphasized that the decision was made after considerable deliberation. They attributed the necessity of store closures to the difficult retail landscape. "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 spokesperson remarked.

The private equity firm pointed out that the brand's forced name change contributed significantly to diminishing public awareness. Additionally, they cited rising operational expenses resulting from government policy changes and recent geopolitical events as factors exacerbating the situation.

The spokesperson further explained, "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."

Currently, Modella Capital has not made any definitive decisions regarding the impact of these closures on employment. The firm aims to retain "as many jobs as possible," but acknowledged that this plan may ultimately lead to the shutdown of several stores and associated job losses.

"We recognize the impact this uncertainty will have on colleagues, their families, and the communities we serve," the spokesperson added.

In March 2025, WHSmith agreed to sell its high street operations to refocus on its travel-related stores in locations like airports and train stations, with the WHSmith brand excluded from the £40 million deal.

This restructuring of TGJones comes on the heels of a separate brand under Modella Capital that recently exited the UK and Northern Ireland marketplace. Claire's, another acquisition by Modella Capital, ceased trading last month, resulting in the closure of all 154 standalone stores and the redundancy of 1,300 employees.

Modella Capital had taken over Claire's in September 2025 after the chain entered administration, but it later placed the jewelry and accessories retailer into administration once more following an "alarmingly" low performance during the Christmas trading period.

Additionally, Modella Capital is the proprietor of Hobbycraft.