WH Smith successor to shut 150 stores in ‘aggressive’ restructuring

Modella Capital plans to close up to 150 former WH Smith stores as part of an aggressive restructuring, risking jobs. The private equity firm, which bought the 480 high street stores for £40m, has struggled with the rebranding to TG Jones, impacting consumer awareness. Modella's restructuring plan, advised by Teneo and Slaughter and May, aims to ensure the survival of the 234-year-old business. WH Smith, retaining its airport and hospital stores, faces profit challenges due to a slowdown in international tourism and reported a £25m pre-tax loss in the last six months.