TGJones to Close Up to 150 Stores in Restructuring

TGJones, the rebranded chain of former WH Smith high street stores, announced plans on Wednesday to close up to 150 locations as part of a major restructuring, placing hundreds of jobs at risk.

The company, acquired last year by investment firm Modella Capital for 480 stores in a £76 million deal, cited a year of difficult trading conditions. A spokesperson stated that weak consumer spending and cost-of-living pressures, along with rising operating costs linked to government policy and recent geopolitical events, have kept the business loss-making. The rebranding from the well-known WH Smith name also hurt consumer awareness, despite improvements to the store offering.

"This decision has not been taken lightly," the spokesperson 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."

Under the plan, eight stores will close immediately. The company is seeking rent holidays for about 100 locations and reductions of 5 percent on hundreds more for a year, followed by deeper cuts of 15 to 75 percent. Landlords' refusal could lead to...