<div id="readability-page-1">  <p><time datetime="2026-04-26T10:22:28+01:00">    Sunday 26 April 2026 10:22 am  </time></p>         <div>                                                                                                                 Add as a preferred        source on Google                        </div>    <figure>    <div>       </div> <img width="742" height="495" src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2026/04/TG-Jones.jpg/query-dz03NDI?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2026/04/TG-Jones.jpg/query-dz03NDI"/>  <figcaption>Up to 100 TG Jones stores, rebranded from WH Smith, could shut</figcaption> </figure> <p>The private equity financiers who run nearly 500 former WH Smith stores have delayed announcing an “aggressive” restructuring which could force the closure of up to 100 stores.</p><p>Modella Capital, the Mayfair equity firm which runs hundreds of the stationer’s former stores, has run into financial difficulties and was due to unveil rescue proposals last week.</p><p>The equity firm bought WH Smith’s 480 high street stores for £40m in June last year, and has rebranded many of its locations as TG Jones.</p><p>But Modella’s ownership of the stationary giant has been mired in uncertainty, amid reports that the stores which have lost the WH Smith name are performing worse. </p><p>The owners enlisted crisis advice from consultancy Teneo and law firm Slaughter and May, and is reportedly preparing for a drastic restructuring which could close up to 100 stores.</p><h2 id="h-tg-jones-to-seek-high-court-approval">TG Jones to seek High Court approval</h2><p>Modella will engineer a “cram-down” – a novel measure which can allow firms to push ahead with a restructuring with the consent of only one class of creditor, according to the Sunday Times.</p><p>TG Jones needs a High Court judge to approve this restructuring, and will have to prove that this is the only way to prevent the business falling into administration. </p><p>The plan will reportedly saddle many landlords with steep rent cuts, and TG Jones is expected to face pushback.</p><p>“This is really aggressive stuff,” one City source told the Sunday Times.</p><p>TG Jones had planned to unveil the restructuring last week but ended up delaying the announcement at the last minute. </p><p>Modella Capital has snapped up a string of high street retailers in recent years, often offloading the acquisitions soon after purchase.</p><h2 id="h-modella-capital-weighs-offloading-latest-asset">Modella Capital weighs offloading latest asset</h2><p>The Original Factory Shop shut all of its 137 stores last week, after the budget department store was put into administration less than two years after being bought by Modella.</p><p>The equity firm is reportedly weighing a sale of Wynsors World of Shoes, a northern shoeseller it acquired just four months ago.</p><p>Modella was formed as Tailer Debtco in 2022 before being renamed to Modella a year later, and is owned by Hay Wain Group, the family office founded by turnaround specialist Jamie Constable.</p><p>Modella held £12.8m in net assets in 2024, according to its most recent balance sheet.</p><p>WH Smith – which retained its stores in airports, hospitals and train stations in the deal with Modella – is preparing to take a profit hit.</p><p>The retailer is more reliant on its airport stores since losing its high street locations, and the firm said on Thursday it is suffering from the slowdown in international tourism caused by the Iran war.</p><p>Shares in WH Smith tumbled after it said it is adopting a “more cautious outlook,” citing a £25m pre-tax loss in the six months to February and forecasting a lower profit for the coming year.</p> </div>

SMWH

<p>Modella Capital 推遲了對 TG Jones 的激進重組計劃，該計劃可能導致之前由 WH Smith 擁有的多達 100 家門店關閉。這家公司面臨財務困難，原定於宣佈救助提案，但已將其推遲。TG Jones 需要高等法院的批准才能進行重組，這可能涉及對房東的大幅減租。WH Smith 保留了其機場和醫院的門店，但由於國際旅遊放緩，利潤也受到影響，在過去六個月中報告了 2500 萬英鎊的税前虧損</p>

WH Smith 的繼任者推遲了將關閉商店的 “激進” 重組計劃