Up to 150 former WHSmith stores could close in restructuring plans
Up to 150 former WHSmith high street stores could close as part of a restructuring plan.
A spokesperson for private equity firm Modella Capital, which owns the rebranded TGJones stores, said the retailer had faced “highly challenging trading conditions over the past year”.
Modella acquired WHSmith’s high street estate last year in a deal worth approximately £40m. The retailer’s travel division and intellectual property was not included.
The firm said the challenges were partly due to the “forced” name change to TGJones, saying that the change negatively impacted public awareness of the brand. Other named factors included rising operating costs and recent geopolitical events.
The spokesperson added: “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.”
This comes after another Claire’s, another Modella Capital-owned brand, closed 154 stores last month after ceasing trading.