Major high street retailer to close 150 stores as restructuring plan approved

The latest to encounter difficulties

The move is just the latest high street business to undergo restructuring and close stores in the wake of "challenging retail conditions".

Since the start of 2025, a number of chains and high street household names have either disappeared or significantly reduced their presence.

Chains such as Claire's and The Original Factory Shop almost completely disappeared while other places such as Poundland and Hobbycraft have reduced their number of stores.

Even NCP car parks were not safe from the looming shadow of administration.

With it being clear that the retail environment out there is a volatile one, the latest chain to restructure its business is TG Jones, formerly WH Smith's high street business.

The company has won approval for a major restructuring which will see as many as 150 shops shut down as well as steep rent cuts on many remaining stores.

The high street branch of WH Smith was bought by Modella Capital last year, the same company that bought both Claire's and The Original Factory Shop before both went into administration.

It also owns Hobbycraft and Flying Tiger Copenhagen.

There are currently 451 TG Jones stores employing 4,700 workers.

WH Smith stores at railway stations and airports were not sold to Modella and keep the historic brand name.

As well as closing stores, around 120 landlords will not receive rent for up to three years with rent being cut on hundreds of stores by between 15% and 75%.

TG Jones. Image: Adobe Stock.

Modella blamed "challenging retail conditions".

They added the plans are vital for the survival of the business with some of the cost savings intended to be used to invest in remaining stores to help turn it around.

The restructuring plan was approved after the High Court heard that the retailer was on the brink of insolvency.

It is also facing a cash shortfall of almost £8m unless a deal could be struck.

On Wednesday Alex Willson, the chief executive of TG Jones, said: “We welcome the court’s approval of our restructuring plan. This decision allows us to move ahead with our turnaround strategy.

“The plan protects the substantial core of the store estate and makes TG Jones a stronger, more sustainable business. We are incredibly grateful to all the colleagues, partners and stakeholders who engaged constructively throughout the process, and to Modella Capital for its continued financial commitment.”

More than 80% of landlords controlling TG Jones’s top stores voted to support the deal last week,

Most other landlords, who will face steep rental cuts under the plan, voted against it.