"Modella Capital, which acquired the chain last year, is understood to be in discussions with restructuring firm Teneo to stabilise the business following a period of weaker trading. Out of TG Jones's more than 450 outlets, approximately 80 are believed to be most at risk."
"WH Smith divested its high street shops to Modella last year in a deal valued at around 76m, opting to retain its more profitable travel retail operations, including those in airports and train stations. The acquisition led to the rebranding of the high street stores to TG Jones."
Modella Capital, which acquired TG Jones (formerly WH Smith's high street division) last year for approximately 76 million pounds, is pursuing a restructuring plan that could endanger around 80 of the chain's 450 stores. The company is consulting with restructuring firm Teneo to stabilize the business after experiencing weaker trading conditions. WH Smith divested its high street operations to focus on more profitable travel retail locations in airports and train stations. This restructuring effort follows Modella's recent decision to place other retail brands, Claire's Accessories and The Original Factory Shop, into administration after unsuccessful rescue attempts.
Read at www.independent.co.uk
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