High street stores face closure in major retail restructure

• Up to 150 high street stores operating under the TGJones brand are facing closure, potentially putting hundreds of jobs at risk.
• TGJones, which comprises 480 former WH Smith stores acquired by Modella Capital last year, cited "highly challenging trading conditions" over the past 12 months.
• The company attributed the significant restructuring to "weak consumer spending and cost-of-living pressures", alongside rising operating costs influenced by government policy and geopolitical events.
• A spokesperson for TGJones stated that the forced name change from WH Smith also negatively impacted consumer awareness, despite improvements to the proposition.
• While no final decisions have been made on job impacts, the company aims to preserve as many roles as possible, acknowledging the uncertainty for colleagues and communities.

IN FULL

Up to 150 former WHSmith stores to close in company restructure with hundreds of jobs at risk