Modella Capital to Close Up to 150 TGJones Stores, Hundreds of Jobs at Risk
Up to 150 of the 480 high street stores, formerly part of WHSmith and now operating as TGJones, face closure under a restructuring plan initiated by owner Modella Capital. This move puts hundreds of jobs at risk across the UK.
Modella Capital acquired the WHSmith high street bookshops last year, subsequently rebranding them as TGJones. A spokesperson for the private equity firm stated that the decision was not taken lightly, attributing the need for closures to challenging retail conditions.
The company highlighted "highly challenging trading conditions over the past year," affecting TGJones and numerous other brick-and-mortar retailers. Modella Capital also pointed to the "forced" name change as negatively impacting brand awareness, alongside escalating operating costs described as a "direct result of government policy" and recent "geopolitical events."
The restructuring aims to safeguard the remaining core store estate, fostering a "stronger, more sustainable business." While no final decisions have been made regarding job losses, Modella Capital expressed its intent to preserve "as many jobs as possible," acknowledging the uncertainty for staff and communities.
This restructuring follows WHSmith's March 2025 sale of its high street operations, a deal worth £40 million, to concentrate on its travel retail outlets. The WHSmith brand itself was not part of this transaction.
Furthermore, Modella Capital's other recent ventures have also faced difficulties. Claire's, another brand under its ownership, ceased trading in the UK and Northern Ireland last month, resulting in the closure of all 154 standalone stores and 1,300 redundancies. Modella Capital had acquired Claire's in September 2025 after it entered administration, only to place the jewellery and accessories chain into administration itself after a weak Christmas trading period. Modella Capital also maintains ownership of Hobbycraft.
