Fears for former WH Smith's high street shops as new owner seeks help [Yahoo! Finance]
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Source: Yahoo! Finance
The owners of WH Smith's former high street empire have parachuted in a team of corporate troubleshooters less than a year after taking over the chain. The Telegraph understands that private equity firm Modella Capital has asked advisers at Teneo to come up with a restructuring plan that will put the business – now trading under the name TG Jones – on a more sustainable footing. The move will prompt fears about another raft of store closures and job losses at a time when the high street is already reeling from a flurry of retail collapses, including several chains under Modella's ownership It is believed roughly 80 TG Jones stores out of a total of around 480 are most at risk following a period of tough trading. The future of scores more could be threatened if cheaper rent deals can't be agreed with landlords. No final decisions have been made. Although a store closure programme is one option on the table, Teneo is expected to evaluate alternative measures including a request
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