Up to 150 stores previously part of the WH Smith chain are set to close.
The owners of the TGJones branches said their closure is the “direct result of government policy and recent geopolitical events”.
It is understood hundreds of jobs at the stores are at risk as part of restructuring plans the firm said were necessary after a year of “highly challenging trading conditions”.
The shops were rebranded under the name TGJones after the purchase of 480 WH Smith stores by Modella Capital last year.
In a statement provided on Wednesday, a spokesperson for the business said the decision to restructure the company “had not been taken lightly”.
The statement said: “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.
“Weak consumer spending and cost-of-living pressures, combined with rising operating costs as a direct result of government policy and recent geopolitical events, have meant that the company as a whole has remained loss-making.
“The forced name change from WH Smith has also negatively impacted consumer awareness, despite the fact that the proposition has improved.”
The statement continued: “The survival of this iconic 234-year-old business is our imperative. No decisions have yet been taken on how this will impact roles, but we will aim to preserve as many jobs as possible.
“Any potential store closures or role reductions will be subject to appropriate consultation, and we are committed to engaging openly and constructively with colleagues and their representatives.
“We want to be clear, however, that the plan may result in the closure of some stores and the loss of some roles.
“We recognise the impact this uncertainty will have on colleagues, their families and the communities we serve.”
