Former WH Smith chain TGJones to cut costs, weigh store closures in restructuring (updated)

WH Smith

06/05/2026 14:27

Adds details on restructuring plan and context throughout

May 6 (Reuters) - TGJones, the former WH Smith SMWH.L high street business, said on Wednesday it had launched a restructuring plan, backed by financial support from owner Modella Capital, that includes cost cuts and possible store closures.

"The survival of this iconic 234-year-old business is our imperative," a TGJones spokesperson said, adding the restructuring would protect most of the retailer's store estate and build a stronger business.

Here are some key details:

"TGJones has experienced highly challenging trading conditions over the past year, along with many other brick-and-mortar retailers," the company said, citing weak consumer spending and higher costs stemming from government policies and the Iran war.

British retailers reported the sharpest year-on-year decline in sales in more than ​40 years as the Iran war raised households' inflation fears, a ‌survey showed last week.

The "forced name change" from WH Smith has also hurt consumer awareness, the company added.

The plan may result in store closures and job losses, though no decisions have yet been taken, the company said.

The Financial Times first reported that the restructuring would result in the closure of up to 150 of TGJones' 480 stores.

Modella Capital has committed more than 35 million pounds ($47.7 million) for the restructuring effort.

WH Smith had agreed to sell its British high street business to Hobbycraft owner Modella in March 2025.

($1 = 0.7339 pounds)

 (Reporting by Nithyashree R B and Ankita Bora in Bengaluru; Editing by Mrigank Dhaniwala and Vijay Kishore)

 ((NithyashreeRB@thomsonreuters.com))