TG Jones is in the spotlight for steering a major restructuring of WH Smith, signaling job cuts and store closures across the chain.
The High Court has sanctioned TG Jones’s restructuring plan, enabling a turnaround after insolvency fears. The plan includes extra funding from Modella Capital, rent reductions for landlords, and store closures. The chain, formerly WH Smith, now operates around 450 stores with thousands of staff. The judge stressed the plan is complex but necessary to preserve the core store estate.
Multiple retailers are pursuing aggressive restructurings as closures and rent cuts are demanded to stabilise finances. TG Jones, formerly WH Smith, could shutter up to 150 stores; Poundstretcher is considering administration without a plan; Carter’s is closing 150 locations as profits slip. These moves reflect a tougher high-street environment.
WH Smith has warned of lower full-year profits and plans to raise up to 100 million through new shares as passenger numbers through travel hubs fall amid the Middle East conflict. UK airport revenues are down, hospital and rail shops help offset declines, and a capital raise aims to strengthen the balance sheet. Regulators are examining PwC’s audits in the US division.