7th May 2026
When Modella Capital bought WH Smith’s high‑street estate last year, the promise was bold: a fresh start, a new name, and a renewed role as the “hub of the high street”. Less than twelve months later, that vision has collapsed into a stark warning — up to 150 stores may close, hundreds of jobs may go, and another familiar name may fade from Britain’s town centres.
The rebrand to TG Jones has proved more curse than cure. Stripping away the WH Smith name — a fixture of British retail for more than two centuries — has left customers confused and footfall sharply reduced. Even Modella now admits the name change has “negatively impacted consumer awareness”, despite improvements to the product range.
But the problems run deeper than branding. TG Jones has been hit by the same forces battering high streets across the UK: weak consumer spending, rising operating costs, and the long shadow of geopolitical instability. The company points directly to government policy and the Middle East conflict as drivers of cost inflation. After a year of losses, Modella has triggered a sweeping restructuring plan.
Eight stores will close immediately. Up to 150 may follow, depending on whether landlords accept rent holidays and deep rent cuts. Some landlords are expected to refuse, preferring to take the keys back rather than accept zero rent. For many towns, especially in rural Scotland, this could mean losing one of the last remaining multi‑purpose retailers on the high street.
Scotland’s risk profile is high. Towns such as Inverness, Aberdeen, Perth, Ayr, and Kirkcaldy — already struggling with declining footfall — may find their TG Jones stores on the danger list. No official list has been published, but the pattern is clear: high‑rent, low‑footfall locations are most exposed.
If the closures proceed, it will mark the end of WH Smith’s 230‑year presence on many high streets — not through bankruptcy, but through a rebrand that severed the chain from its own heritage. For communities already fighting to keep their high streets alive, TG Jones may become the latest casualty in a long, painful retreat.
More Details
TG Jones — the rebranded high‑street arm of WH Smith — is preparing to close up to 150 of its 480 UK stores, following a year of what the company calls “highly challenging trading conditions”.
The business was bought last year by Modella Capital, a private‑equity firm that has since:
Rebranded all high‑street WH Smith stores to TG Jones
Blamed the forced name change for a sharp drop in consumer awareness and footfall
Cited weak consumer spending, cost‑of‑living pressures, and rising operating costs linked to government policy and geopolitical events (notably the Middle East conflict)
Warned that the chain has remained loss‑making for the past 12 months
Modella says the restructuring is essential to ensure “the survival of this iconic 234‑year‑old business”.
The plan includes:
Immediate closure of eight stores, with up to 150 to follow depending on landlord negotiations
Requests for rent holidays and steep rent cuts
A warning that some landlords may simply “take the keys back”, triggering further closures
Why this matters for the High Street
This is another blow to already fragile high streets across the UK — especially in rural and small‑town Scotland, where WH Smith often acted as:
A stationery and bookshop anchor
A parcel/post counter (in stores hosting Post Office branches)
A convenience retailer in towns with limited alternatives
The rebrand to TG Jones has clearly not landed well. Multiple sources report that sales at stores still trading as WH Smith have held up better than those rebranded to TG Jones, suggesting the loss of a familiar name has damaged customer trust.
Which Scottish stores are at risk?
No official list has been published yet, and Modella says closures depend on landlord negotiations and two High Court hearings. However, based on the restructuring plan and typical risk factors, the following Scottish stores are most likely to be vulnerable:
High‑risk categories (based on Modella’s criteria):
Stores in high‑street locations with low footfall
Stores with high rents or landlords unwilling to accept rent cuts
Stores in towns with shrinking retail cores
Stores where the Post Office concession is not enough to sustain footfall
Likely at‑risk Scottish locations (inferred from the above factors):
(These are reasoned assessments — not confirmed closures.)
Inverness High Street – high rent, declining footfall
Aberdeen (Union Street) – multiple retail failures, landlords under pressure
Dundee City Centre – previous retail contraction
Perth High Street – fragile footfall, high vacancy rates
Stirling – mid‑sized market town with retail churn
Ayr – long‑term high‑street decline
Kirkcaldy – significant retail retreat over the past decade
Falkirk – vulnerable mid‑market retail environment
Paisley – large but struggling town centre
Lower‑risk Scottish locations
Airports and transport hubs remain under WH Smith ownership and are not part of the TG Jones closures. These include:
Inverness Airport
Aberdeen Airport
Glasgow Airport
Edinburgh Airport
These are unaffected because WH Smith retained its profitable travel‑sector stores.