WH Smith successor delays ‘aggressive’ restructuring which will shut stores

Modella Capital has delayed an aggressive restructuring plan for TG Jones, which could lead to the closure of up to 100 stores previously owned by WH Smith. The firm, facing financial difficulties, was set to announce rescue proposals but postponed them. TG Jones requires High Court approval for its restructuring, which may involve significant rent cuts for landlords. WH Smith, which retained its airport and hospital stores, is also experiencing a profit hit due to a slowdown in international tourism, reporting a £25m pre-tax loss in the last six months.