Fears growing for the future of Oxford TG Jones store

Owner Modella Capital bought and rebranded WHSmith last year.

The Retail Gazette said the private equity firm is said to be preparing a major restructuring in a bid to avoid the chain’s potential collapse.

Reports suggest around 100 of the retailer’s 480 stores could shut, including locations in Oxford, such as the store in Cornmarket Street.

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Other stores included are in Swindon and Chippenham, which are across the county border in Wiltshire.

Around 400 branches could remain open if landlords agree to rent reductions.

The proposals come after a 12-month moratorium on store closures, agreed as part of the 2025 acquisition from WHSmith, came to an end.

WHSmith retained its travel division, including shops in railway stations and airports, when it sold its high street arm to Modella.

A legal mechanism known as a “cram-down” is reportedly being considered, which could allow the restructuring to go ahead with court approval even if some creditors oppose it.

The move marks a sharp shift from Modella’s earlier ambitions to expand the business to more than 500 stores and establish TG Jones as a “hub of the high street”.

The potential closures come amid ongoing pressure on mid-market high street retailers, which continue to face rising costs, shifting shopping habits and weaker consumer demand.

No final decisions have been confirmed on which branches will close.