Image source, Getty ImagesByAngus TiffinBusiness reporterPublished6 May 2026 Up to 150 of the 480 High Street stores formerly part of the WHSmith business will be closed in a restructuring plan launched by the owner of the chain. The WHSmith High Street bookshops were purchased by Modella Capital last year, and the stores were then rebranded under the name TGJones. Hundreds of jobs are at risk through the restructure, but Modella Capital told the BBC the plan was an "essential part" of the company's turnaround plan. A Modella Capital spokesperson said the decision had "not been taken lightly" but blamed 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 challenges were partly due to the "forced" name change, saying that it negatively impacted public awareness of the brand. It also blamed rising operating costs "as a direct result of government policy" and recent "geopolitical events".
Published: May 6, 2026 3:22 pm
Source: BBC — Read original