TG Jones owner calls in help for possible shop closure plan
WH Smith sold its high street stores to Modella last year, but held onto its travel shops
www.independent.co.ukHere’s what’s been happening with TG Jones (Modella Capital) and its restructuring efforts.
- TG Jones has appointed restructuring advisers to map a plan aimed at stabilizing the business. This step has been reported after Modella Capital took over the company, signaling a focus on a potential turnaround.[1][3]
- The company is reportedly exploring significant store reductions as part of the plan, with estimates ranging around 80–100 stores at risk, which would affect hundreds of jobs if implemented.[2][4][5][1]
- A debt refinancing is also in discussion, with potential new lenders and terms that could accompany the restructuring, including possible changes to existing financing arrangements.[4][7][2]
Key takeaways
- The restructuring appears to be comprehensive, touching both store network reductions and financial restructuring to secure a sustainable path forward.
- Public reporting suggests a focus on reducing the number of stores to around 400–400+ while pursuing rent reductions and seeking additional capital or reorganized debt terms.[6][4]
- Outcomes remain uncertain, as no final decisions have been publicly confirmed, and lender negotiations or landlord agreements will heavily influence the final scope.[1][6]
Illustration
- Think of the plan as a corporate “pivot” that trims underperforming branches, renegotiates debt, and seeks strategic funding, all coordinated to avoid bankruptcy while preserving the core business.
Cited sources
- TG Jones owner appoints advisers to draw up restructuring plan for the business [Retail Gazette, 2026-03-01].[1]
- TG Jones nears new debt deal as restructuring plan and closures loom [The MBS Group, 2026-05-04].[2]
- TG Jones Restructuring Plan: Store Closures and Job Losses Feared [IndexBox, 2026-03-01].[3]
- TG Jones facing potential closure of 100 stores amid restructure [Downtime The Tubes, 2026-05-02].[4]
- UK high street chain could close 100 stores as part of major restructure [Mirror, 2026-05-04].[5]
- 80 TG Jones stores on brink as owner prepares new restructure plan [Mirror, 2026-03-02].[6]
- TGJones near restructuring plan with new money injection [9fin, 2026-04-26].[7]
If you’d like, I can gather more detail on a particular facet (e.g., exact store-count projections, likely lenders, or the latest timeline) or summarize the most recent official statements from Modella Capital.