High street chain TG Jones could shut up to 100 shops as its owner races to rescue the struggling business.
Modella Capital, which bought WHSmith’s high street arm last year and rebranded it as TG Jones, is reportedly drawing up a major restructuring plan in a bid to avoid the chain collapsing.
Around 100 of the 480 stores are understood to be at risk, with the remaining 400 branches likely to stay open if landlords agree to rent cuts.
The chain has a store in Arnold town centre.
The move comes after a 12‑month ban on closures — agreed when Modella acquired the business from WHSmith in 2025 — expired earlier this year. WHSmith kept its profitable travel division, which runs shops in airports and train stations.
Modella is said to be working with Teneo and law firm Slaughter and May, and is considering using a “cram‑down” mechanism that would allow the restructuring to go ahead with High Court approval even if some creditors object.
Secure Trust Bank, which reportedly lent £50 million to fund the takeover, is expected to be central to negotiations.
The potential closures mark a sharp U‑turn from Modella’s original ambition to grow the chain to more than 500 stores and turn TG Jones into a “hub of the high street”.
Stores believed to be under threat include branches in Swindon, Chippenham, Oxford, Ipswich, Hampshire and North Wales. The Stirling shop is already set to close in July after a failed lease renewal.
The retailer has struggled since the rebrand, with some sites that temporarily kept the WHSmith name said to be performing better than those trading as TG Jones.
The chain generated more than £400m in annual sales and £41.2m EBITDA in WHSmith’s 2024 financial year, but rising costs, weaker consumer spending and shifting shopping habits have hit mid‑market retailers hard.
Modella has also been trimming other parts of its retail portfolio, blaming tough trading conditions and higher operating costs for recent closures.
