The owner of the TG Jones in Tavistock town centre is conducting a ‘restructure’ which is putting 150 of its stores across the UK at risk of closure.

The store was formerly WH Smith until it was bought by TG Jones along with all the other WH Smith stores on high streets across the country.

The deal announced in spring 2025 was financed by private equity company Modella Capital.

However, the company is now looking at having to close some stores.

Out of 480 stores, more than 150 are at risk of closure, with the company blaming poor sales as households tighten budgets amid a cost of living crisis, exacerbated by rising operating costs.

TG Jones also suggests that not being able to use the WH Smith name on stores had ‘negatively impacted consumer awareness, despite the fact that the proposition has improved”.

No stores affected have yet been named.

A TGJones spokesperson said:“TGJones has launched a formal process known as a Restructuring Plan to make the business fit for the future.

“The plan is an essential part of the company’s turnaround and will support further investment in stores over the long term. Modella Capital has committed to financial contributions totalling more than £35 million as part of the process.“

“This decision has not been taken lightly. While we continue to believe in the strength of the core business, TGJones has experienced highly challenging trading conditions over the past year, along with many other brick-and-mortar retailers. Weak consumer spending and cost-of-living pressures, combined with rising operating costs as a direct result of government policy and recent geopolitical events, have meant that the company as a whole has remained loss-making. The forced name change from WHSmith has also negatively impacted consumer awareness, despite the fact that the proposition has improved.“

“The Restructuring Plan is designed to protect the substantial core of the store estate and create a stronger, more sustainable business that can continue to serve customers for years to come. We are extremely grateful to the many stakeholders who have pledged their support, including the Post Office and Toys R Us.

“The survival of this iconic 234-year-old business is our imperative. No decisions have yet been taken on how this will impact roles, but we will aim to preserve as many jobs as possible.

“Any potential store closures or role reductions will be subject to appropriate consultation, and we are committed to engaging openly and constructively with colleagues and their representatives.

“We want to be clear, however, that the plan may result in the closure of some stores and the loss of some roles. We recognise the impact this uncertainty will have on colleagues, their families and the communities we serve."

WH Smith announced in March last year that its stores were being sold to Hobbycraft owner Modella Capital in a deal valued at £76 million, to be rebranded as TGJones.

The sale did not include the WH Smith’s shops in airports, hospitals and train stations, nor the WHSmith brand.