Restructuring will impression round 100 of TG Jones’ 480 shops, with branches in Ipswich, Swindon and Oxford amongst these affected
TJ Jones put up workplace (Picture: undefined)
Excessive Avenue Submit Places of work face closure as as much as 100 TG Jones shops put together to close in a sweeping restructure. The previous WHSmith excessive road enterprise, now underneath the possession of Modella Capital, is present process a dramatic overhaul that would lead to as much as 100 branches closing their doorways for good.
The non-public fairness agency, which snapped up WHSmith’s excessive road newsagent property in 2025, is known to be drawing up plans to forestall the enterprise from collapsing completely. Stories point out the restructuring will have an effect on round 100 of the chain’s 480 retailers, with roughly 400 shops anticipated to stay open and proceed buying and selling.
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The plans come following the expiry of a 12-month moratorium on closures that had been agreed as a part of the takeover from WHSmith in 2025.
100 TG Jones shops are anticipated to shut (Picture: Getty)
Modella is working alongside skilled companies agency Teneo and legislation agency Slaughter and Could on the proposals.
Ipswich Submit Workplace, positioned on the primary flooring of a TG Jones department, is amongst the retailers set to be affected, with the excessive road retailer confirming it’ll shut on Saturday, June 6.
In accordance with stories, the enterprise is weighing up the usage of a authorized mechanism referred to as a “cram-down”, which may allow a restructuring plan to be pushed by means of with the backing of 1 class of creditor and the Excessive Court docket, even the place different collectors elevate objections.
Safe Belief, understood to have offered a £50m mortgage to help the unique acquisition, is predicted to play a pivotal position within the forthcoming negotiations.
The restructure arrives lower than a yr after Modella accomplished its buy of WHSmith’s excessive road arm. For the reason that TG Jones rebrand, the retailer has confronted appreciable difficulties.
Authentic ambitions had been to develop the chain to greater than 500 shops; nonetheless, the rebranding train has proved unsuccessful. Among the many different branches anticipated to close are these in Swindon, Chippenham, Oxford, Hampshire and North Wales.
A Submit Workplace spokesman insisted they had been looking for different retail areas to host counters in areas affected by the TG Jones shops closures.
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