TG Jones, the newly rebranded high street arm of WH Smith, could be set to close 100 branches as it announces a restructuring plan. According to The Times, new owner Modella Capital, which recently closed all branches of Claire's, has been working on a strategy that may see 100 stores axed.
Restructuring Details
Modella is reported to be collaborating with advisers at Teneo and the law firm Slaughter and May on a restructuring plan. This would leave 400 branches operational, provided landlords agree to renegotiate rent deals. TG Jones is reportedly preparing to appear in the High Court to seek judicial approval for the move, arguing it is the only alternative to administration.
Previous Closures by Modella
Modella also closed all 137 branches of The Original Factory Shop after acquiring the chain. The company has blamed increased government costs for the closures of Claire's and TOFS. The new owner had agreed not to close branches or restructure for 12 months after buying the chain from WH Smith, a deadline that is now approaching.
WH Smith continues to operate as a separate business, with branches in airports, train stations, and service stations. WH Smith high street stores, established in 1792 by Henry Walton Smith, were rebranded to TG Jones following a £76 million sale to Modella Capital in March 2025.
Impact on Claire's
Earlier this week, Claire's shut all 154 of its high street shops across the UK and Ireland. Administrators for the fashion accessories chain stated that around 1,300 workers will be made redundant. The move does not affect the retailer's 356 concessions, including many in Asda stores, or its head office. Claire's, known for jewellery, clothing accessories, and ear-piercing services, was founded in the US and launched in the UK in 1996. It expanded rapidly but has faced pressure from low-priced online competitors in recent years. The closures follow Modella Capital hiring Kroll to oversee the administration earlier this year.
Modella, which also owns Hobbycraft, placed the brand into insolvency after being hit by "alarming" weak Christmas trading. This marked the second administration for the business in months, having been bought by Modella from administration in September last year. Claire's had already shut 145 stores, with around 1,000 jobs lost, during the previous administration.
A spokesman for Kroll said: "As of April 27, all Claire's standalone stores in UK and Ireland have ceased trading. All store employees have been advised of redundancy. We understand an interested party is in discussion with a number of landlords with a view to taking new leases for some of the sites." Modella Capital declined to comment when approached by The Times.
