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Up to 150 ex-WHSmith High Street stores to close as rescue deal approved
The rescue deal would unlock a £15 million loan from owner Modella Capital as 150 branches face closure and 5,000 jobs are at risk.
- Mr Justice Hildyard delayed a decision on TG Jones's restructuring plan today, Wednesday, July 1, 2026, as the retailer formerly known as WH Smith battles potential insolvency.
- Tom Smith KC told the High Court on Monday that the business is "highly distressed" after suffering "long-term sales decline," facing an £8 million shortfall this week.
- Jones faces a £14.1 million bill on Tuesday and must pay suppliers £3.1 million on Friday, while owing £4 million to suppliers, £3.4 million in rates, and £8.4 million to HMRC.
- If the restructuring plan succeeds, Modella Capital would provide a £15 million loan, though 150 of the 450 branches could close, putting 4,700 jobs at risk.
- Macroeconomic factors including high inflation and the shift to online shopping have caused serious trading difficulties in the UK retail sector, with Poundland and River Island among retailers forced to close stores this year.
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49 Articles
49 Articles
Former WH Smith Chain on Brink of Collapse: £8M Shortfall Threatens 4,700 Jobs and 150 Stores
TG Jones, the high street chain carved out of WH Smith and rebranded last year, came within days of running out of cash, telling the High Court it faced an £8M shortfall by the end of the week that left 4,700 jobs and up to 150 stores hanging in the balance. On 1 July 2026, a judge approved the rescue plan that keeps the tills open, but the reprieve comes with shutters coming down on branches across Britain, and small suppliers braced to lose a …
·United Kingdom
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Total News Sources49
Leaning Left4Leaning Right2Center33Last UpdatedBias Distribution85% Center
Bias Distribution
- 85% of the sources are Center
85% Center
C 85%
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