WH Smith made only £10m from sale of 500 stores
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WH Smith sold 480 high street stores to Modella Capital for £42m, but received only £10m upfront due to a significant price cut reflecting poor trading conditions. Modella plans to restructure TG Jones, the renamed stores, potentially closing 150 locations. The firm has requested WH Smith to assist with redundancy payments for affected staff. Modella is also charging TG Jones £2.9m in royalty fees for using the new name, citing a decline in consumer awareness since losing the WH Smith brand. WH Smith retains its airport and hospital stores and anticipates profit declines due to external disruptions.
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