theguardian.com 16 hours ago URGENCY: 7/10
150 WH Smith Stores at Risk of Closure
Up to 150 former WH Smith stores are facing closure, threatening thousands of jobs. Discover how Modella Capital's restructuring plan could reshape the retail landscape.
Major Retail Shake-Up
Modella Capital, the new owner of the former WH Smith chain, has announced a drastic restructuring plan that could lead to the closure of up to 150 stores. This decision comes as the company grapples with weak consumer spending and rising operational costs, which have left the rebranded TG Jones chain lossmaking.
The plan includes immediate closures of eight stores and demands for 100% rent holidays on an additional 100 locations. If landlords do not comply, more stores could shut down, putting thousands of jobs at risk. Key points of the restructuring include:
- Immediate closure of eight stores
- 100% rent holidays requested for 100 stores
- 5% rent reductions sought for hundreds of other locations
- Potential cuts of 15% to 75% beyond the first year