Up to 150 stores of former high street giant to close

Up to 150 stores to close in restructuring plan

The chain was previously part of WHSmith’s high street business before being sold off in a major retail shake-up. WHSmith’s High Street bookshops were purchased by Modella Capital last year and later rebranded under the name TGJones.

Now, hundreds of jobs are at risk due to the restructure, but Modella Capital told the BBC the plan was an "essential part" of the company's turnaround plan.

According to a Modella Capital spokesperson, the decision had "not been taken lightly", but pointed towards challenging retail conditions for the need to close stores.

"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 said.

The private equity firm said the difficulties were partly caused by the “forced” name change, which it claimed had harmed public recognition of the brand. It also pointed to rising operating costs “as a direct result of government policy” as well as recent “geopolitical events”.

"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," they said.

Modella Capital's spokesperson further said the firm had made no decisions yet on how the closures would affect jobs, while pointing out that it is aiming to preserve "as many jobs as possible".

"We want to be clear, however, that the plan may result in the closure of some stores and the loss of some roles," they said.

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

WHSmith agreed to the sale of its high street business in March 2025 as part of a shift to focus exclusively on its travel retail operations, including stores in airports and railway stations. The WHSmith brand was not included in the £40 million deal.

The TGJones restructure comes after another brand owned by Modella Capital ceased trading in the UK and Ireland.

Claire's closed all 154 standalone stores and made about 1,300 staff redundant.

Modella Capital acquired Claire’s in September 2025 after the business entered administration, but later placed the jewellery and accessories chain back into administration following an “alarmingly” weak Christmas trading period.

Modella Capital also owns Hobbycraft.