A major high street retail chain is set to close around 150 stores after securing court approval for a major restructuring plan.
TG Jones, previously known as WH Smith before its rebranding last year, currently operates more than 450 stores with 4,700 staff (mostly in the UK).
But it is now set to close 150 of those stores as part of a “restructuring” plan which was approved by the High Court on Wednesday (July 1).
TG Jones to close 150 stores as part of “restructuring” plan
TG Jones said the store closures are part of a wider plan to rescue the business from insolvency.
The closures will affect hundreds of jobs across the UK, although the company has not confirmed the exact number of redundancies expected.
Chief executive of TG Jones, Alex Willson, said: “We welcome the court’s approval of our restructuring plan.
“This decision allows us to move ahead with our turnaround strategy.
“The plan protects the substantial core of the store estate and makes TG Jones a stronger, more sustainable business.”
The aim of the TG Jones closures is to rescue the business from insolvency. (Image: Alamy Stock Photo/PA)
The restructuring plan includes a new £15 million loan from TG Jones’ owners, Modella Capital, and rent reductions for landlords.
This is intended to prevent an £8 million funding shortfall and potential insolvency.
Tom Smith KC, representing TG Jones in court, said the “working assumption” is that around 150 stores will close, particularly where landlords do not accept reduced rent terms.
He said the company has suffered from “long-term sales decline” due to high inflation, increased online shopping, lower consumer spending, and rising labour costs.
Mr Smith said the rebranding from WH Smith to TG Jones also negatively impacted sales.
The TG Jones brand was created after Modella Capital acquired WH Smith’s high street stores last year.
Travel locations, such as airport and train station outlets, remain under the WH Smith brand.
You will still find WH Smith travel stores at UK airports and train stations despite the TG Jones rebrand. (Image: Getty Images)
Mr Willson expressed thanks to those who have supported the business through the restructuring process.
He said: “We are incredibly grateful to all the colleagues, partners and stakeholders who engaged constructively throughout the process, and to Modella Capital for its continued financial commitment.”
Other UK companies that have closed or entered administration/liquidation in 2026
It has been a tough year for the UK high street, with several other retailers entering administration or liquidation and others announcing widespread store closures.
Major high street brands LK Bennett, Claire’s, and Quiz have been forced to close all their remaining stores after falling into administration.
UK fashion retailer Leading Labels is also set to close its remaining 15 stores after falling into liquidation.
Other retailers have been forced to close stores this year, including:
Several UK travel companies have also ceased trading or entered administration in 2026:
Luxury UK holiday company Salamander Voyages shut down back in April after entering administration.
Meanwhile, four UK airlines have fallen into administration or liquidation:
UK delivery company Yodel is set to be phased out over the coming months after being acquired by InPost.
It’s also been reported that Morrisons is looking to sell some of its in-store pharmacies as it continues to cut costs.
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It hasn’t all been bad news for the UK high street, with several major brands announcing new store openings for 2026, including Aldi, M&S, and Superdrug.
Plus-size clothing brand Evans also returned to the UK high street recently after closing all its stores and concessions in December 2020.
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