WH Smith PLC

TG Jones, the high street bookseller formerly part of WH Smith, will close 150 of its 480 UK stores throughout the rest of 2026 after a London court approved a restructuring plan. The closures follow the March 2025 sale of WH Smith’s high street business to private equity firm Modella Capital for £10 million, which rebranded those locations as TG Jones while WH Smith retained its travel hub stores. Modella said the large-bookstore model in high-rent areas was 'almost completely broken' in 2026. Liquidation sales have begun in cities including Bath, Swindon, Uckfield, Redcar and Market Harborough, with at least 5,000 workers estimated to be affected.

WH Smith is exiting the North American fashion and specialty-store market entirely, closing all its Las Vegas Strip apparel locations including Marshall Rousso and Misura, after an independent investigation by Deloitte LLP revealed the division systematically overstated supplier income and promotional rebate revenues. The accounting irregularities, which went undetected by auditor PricewaterhouseCoopers since 2015, led to a 42% single-day stock crash that wiped out roughly £600 million in market value. The company now expects North American headline trading profit to fall to between £5 million and £15 million, down from a previous market expectation of £55 million. CEO Carl Cowling has stepped down, the Financial Conduct Authority has launched an enforcement investigation, and the board is seeking to recover overpaid bonuses from former executive directors. WH Smith will refocus on airport and travel convenience stalls, while also reviewing its InMotion North America portfolio.

TG Jones, the high street chain formerly known as WH Smith, has secured High Court approval for a restructuring plan that is expected to lead to the closure of around 150 of its approximately 450 stores. The plan, sanctioned by Mr Justice Hildyard on Wednesday, includes an additional £15 million loan from owner Modella Capital on top of £10 million loaned in April, and reduced rents for landlords. Lawyers for the retailer said the company was facing an £8 million shortfall this week without the court's sanction, describing it as highly distressed. Chief executive Alex Willson said the decision protects the substantial core of the store estate and makes TG Jones a stronger, more sustainable business. The company has not disclosed how many of its 4,700 staff will be affected by the closures.

TG Jones, the former WH Smith high-street chain, has secured backing from key creditors for its restructuring plan, overcoming opposition from several landlord groups. The retailer won overwhelming support from lenders and many suppliers, though multiple landlord classes voted against the proposals. The plan, which still requires High Court approval at a hearing scheduled for Monday and Tuesday, involves closing up to 150 stores and imposing rent-free periods of up to three years on over 120 sites, with rent cuts of 15% to 75% at hundreds of others. TG Jones, created after Modella Capital bought WH Smith's 450 high-street shops for £76 million, has warned it could fall into administration without the restructuring. The company recently improved terms for landlords, offering a greater share of future profits and partial rent repayment after three years, while some suppliers face debt write-offs or delayed recovery of less than half of what they are owed.