‘Iconic’ UK high street chain at risk of collapse as 150 shops could face closure

A huge blow to the British high street

TG Jones, operating what was formally and most well-known as WH Smith, has said that it will have to close 150 stores across the nation and stop paying rent on a further 120 as part of plans to revitalise the business, The Mirror reports.

Alongside the lender switch, the proposals include substantial rent reductions across many of its remaining branches, with investment group Aurelius understood to be the frontrunner to step in as the new financial backer.

TG Jones acquired WHSmith's UK high street operation last year in a £76 million deal, with WHSmith retaining its more lucrative travel arm, covering airport and train station locations which continues to trade under its original name.

The news comes amid a turbulent period for the British high street.

TG Jones' plans - not everyone is a fan

If TG Jones' plans aren't approved, then the company risks falling into administration, with jobs at risk.

An anonymous creditor to the company has said of the plans: "[The plan] presupposes that the company will have sufficient cash in three years to pay an upside at all while the business will still have to repay its debts."

A full list of locations at risk is yet to be made public.