The business was bought a year ago
TG Jones, the newly rebranded High Street arm of WH Smith, could be set to close 100 branches as it announces a restructure. According to The Times, new owner Modella Capital, which has just announced the closure of all branches of Claire’s, has been working on a plan that could see 100 branches axed.
Modella is reported to be working with advisers at Teneo and the law firm Slaughter and May on a restructuring plan. It would leave 400 branches open – so long as landlords agree to renegotiate rent deals.
TG Jones is reported to be preparing to appear in the High Court to gain permission from a judge for the move, saying that it is the only alternative to administration.
Modella also closed all 137 branches of The Original Factory Shop after buying the chain. It has blamed increased costs announced by the Government for the closures of Claire’s and TOFS. The new owner agreed not to close branches or restructure for 12 months after buying the chain from WH Smith. That deadline is now approaching.
WH Smith still operates as a separate business, with branches in airports, train stations and service stations.
WHSmith high street stores, established in 1792 by Henry Walton Smith was rebranded to TGJones following a £76 million sale to Modella Capital in March 2025.
Earlier this week, Claire’s shut all its 154 high street shops across the UK and Ireland. Administrators for the fashion accessories chain said that around 1,300 workers will be made redundant as a result.
The move does not affect the retailer’s 356 concessions, including many in Asda stores, and its head office. The retailer – which is known for its jewellery, clothing accessories and ear-piercing services – was founded in the US and first launched in the UK in 1996.
It quickly expanded across UK high streets, but has come under pressure from low-priced online competitors in recent years. The closures come after owner Modella Capital hired Kroll to oversee the administration earlier this year.
Modella, which also owns Hobbycraft, placed the brand into insolvency after it was hit by “alarming” weak Christmas trading. It marked the second administration for the business in a matter of months, having originally been bought by Modella from administration in September last year.
Claire’s had already shut 145 stores, with around 1,000 jobs lost, during the previous administration last year.
A spokesman for Kroll said: “As of April 27, all Claire’s standalone stores in UK and Ireland have ceased trading. All store employees have been advised of redundancy. We understand an interested party is in discussion with a number of landlords with a view to taking new leases for some of the sites.”
Modella Capital declined to comment when approached by The Times.
