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  "path": "/money/historic-british-high-street-chain-faces-store-closures",
  "publishedAt": "2026-05-02T06:00:02.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Major high street bank boss nets record £2.6m pay after axing over 1,000 staff roles",
    "UK entertainment chain collapses into administration but 80 jobs rescued amid business rate hikes",
    "UK restaurant chain enters administration citing ‘market pressures’ as high street woes continue",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nStationery store TGJones is facing the potential closure of up to 100 stores as its owner develops a restructuring plan for the business.\n\nPrivate equity firm Modella Capital is preparing proposals that would allow around 400 branches to continue operating, subject to agreements with landlords on reduced rents.\n\n###\n\n\n\n\nThe retailer currently runs about 480 shops and employs roughly 5,000 staff.\n\nAdvisory firm Teneo and legal specialists Slaughter and May have been appointed to support the restructuring process.\n\n###\n\n\n\n\nTRENDING\n\nStories\n\nVideos\n\nYour Say\n\n###\n\n\n\n\nThe plan could be implemented using a “cram‑down” mechanism, which allows approval with the backing of a single class of creditors.\n\nTGJones is expected to seek approval from the High Court, with the company warning administration would be the only alternative if the restructuring does not proceed.\n\nThe move comes as a 12‑month moratorium on store closures and restructuring, agreed when Modella acquired the business, approaches its end.\n\nMuch of the transition work, including back‑office systems and IT infrastructure, has already been completed.\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nThe restructuring follows earlier expansion plans outlined to landlords in November, when senior figures including property director Charlie Martindale and then chief executive Sean Toal, said they aimed to position the chain as “the hub of the High Street”.\n\nProposals included expanding the store estate and introducing services such as banking and Post Office counters within branches.\n\nThe latest developments come amid wider challenges across Modella’s retail portfolio.\n\nClaire’s Accessories recently ceased trading at all 154 standalone stores across the UK and Ireland, leaving around 1,300 employees facing redundancy.\n\n### LATEST DEVELOPMENTS:\n\n\n\n\n  * Major high street bank boss nets record £2.6m pay after axing over 1,000 staff roles\n  * UK entertainment chain collapses into administration but 80 jobs rescued amid business rate hikes\n  * UK restaurant chain enters administration citing ‘market pressures’ as high street woes continue\n\n\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nThe Original Factory Shop has also been affected, with all 137 of its stores closing following Modella’s acquisition.\n\nModella has linked these closures to increased operating costs introduced by the Government.\n\nClaire’s was placed into insolvency after what was described as weak Christmas trading.\n\nPost Office branches located within TGJones stores are not expected to be affected by the proposed restructuring.\n\n###\n\n\n\n\nTGJones was acquired from WH Smith for £76million in March 2025 and subsequently rebranded.\n\nThe retailer’s origins date back to 1792, when Henry Walton Smith opened the first store in London, later expanding into travel retail with a site at Euston station in 1848.\n\nWH Smith continues to operate separately from TGJones, maintaining a presence across railway stations, airports and service stations, with more than 1,700 outlets in around 30 countries.\n\nModella’s wider portfolio also includes Hobbycraft and other retail brands.\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "Historic British high street chain faces up to 100 store closures as owner prepares restructuring plan"
}