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The Latest Breaking News from WH Smith

Former WH Smith Chain on Brink of Collapse: £8M Shortfall Threatens 4,700 Jobs and 150 Stores

TG Jones, formerly part of WH Smith, narrowly avoided collapse with a court-approved restructuring plan. Learn about the impact on 150 high street stores, 4,700 jobs, and the financial burden on suppliers and landlords.

International Business Times UK

Why up to 150 former WH Smith stores are being threatened by closure

IN FULL

The Independent UK

Up to 150 former WH Smith stores threatened by closure after restructuring approved

Lawyers for the retailer admitted the company was facing an £8 million shortfall this week if a judge did not sanction the plans

The Independent UK

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Around 150 TG Jones shops at risk of closure after restructuring approved

However, the high street chain formerly known as WH Smith said it will avoid insolvency as a result of the plan.

Evening Standard

Up to 150 former WH Smith stores to close as high court approves restructure

Restructuring plan involves writing off debts to suppliers and cutting rent for many landlords

The Guardian - UK

Former WH Smith’s small suppliers to lose at least half of debts in rescue plan

If TG Jones’s aggressive restructuring is voted through, small ‘non-core’ creditors such as greeting card firms will be hit worst

The Guardian - UK

FTSE 100 rises but profit warning rocks WH Smith

Market sentiment remained wary following fresh US military action against Iran.

Evening Standard

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WH Smith asks investors to raise £100m as Iran war and falling passenger numbers hit profits

The chain incorporates shops in travel locations such as airports and train stations

The Independent UK

WH Smith warns on profit and plans equity raise as airport passenger numbers dip

The chain, which incorporates shops in travel locations such as airports and train stations, said consumers had been tightening their budgets.

Evening Standard

WH Smith raises £100m as it warns on profits due to Iran war

Retailer plans to shut unprofitable stores as falling US airport traffic due to Middle East conflict hits trading

The Guardian - UK

PwC under investigation by accounting watchdog over WH Smith audit

WH Smith admitted last year it overstated profits for its North American business by as much as £50 million because of an accounting blunder.

Evening Standard

I warned that putting post offices into WH Smith branches would put them at risk

Letter: Liz McInnes says her fears about the move back in 2019 are coming true as towns such as Middleton will lose access to postal services with TG Jones closing

The Guardian - UK

Fears of ‘postal deserts’ as owner of former WH Smith stores puts counters under threat

Exclusive: Contract changes mean Post Office outlets inside TG Jones stores would be easier to close, with up to 60 possibly affected

The Guardian - UK

Popular Italian chain Spaghetti House shuts all UK restaurants after entering administration

The historic London hospitality brand has made all 101 staff redundant as a result, with bosses blaming higher costs and “difficult” conditions in the face of “global instability”

The Independent UK

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The Guardian - UK

How new owner became all powerful in ‘high stakes’ attempt to revive former WH Smith chain

Low-profile Modella has positioned itself as a key creditor, landlord and brand owner to struggling TG Jones as store closures and job cuts loom

The Guardian - UK

Revealed: owner of former WH Smith stores is charging fee to use fictitious ‘family’ brand

Exclusive: Documents show Modella Capital, which bought the chain last year, is so far owed £2.9m in royalty fees

The Independent UK

High street stores face closure in major retail restructure

IN FULL

The Independent UK

Up to 150 former WHSmith stores to close in company restructure with hundreds of jobs at risk

The business said the decision is a “direct result of government policy and recent geopolitical events”

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Evening Standard

Up to 150 former WH Smith stores set to close

It is understood hundreds of jobs at the stores are at risk as part of restructuring plans

The Guardian - UK

Up to 150 former WH Smith stores face closure, putting thousands of jobs at risk

Modella Capital, which rebranded shops as TG Jones, unveils radical restructuring plan, including rent holidays

Evening Standard

FTSE 100 edges lower amid renewed US-Iran tension

US President Donald Trump continued to strike a defiant tone as the US-Iran conflict continued amid the ongoing ceasefire.

Evening Standard

Sainsbury’s and WH Smith among latest firms facing Iran war impact

On Thursday, Sainsbury’s warned that the war would ‘impact both our customers and our business’.

Evening Standard

WH Smith alerts over profits on Iran war disruption to air travel

The retailer said full-year profits were now expected to fall to between £90 million and £105 million.

The Guardian - UK

Sainsbury’s boss urges government to help ease rising energy costs for food producers

Simon Roberts says support for bills on back of Iran war should include ‘food growing, manufacturing and retailing’

The Guardian - UK

Iran war hurting UK economy as consumer confidence falls; BP’s new chair suffers investor revolt – as it happened

UK consumer optimism drops for third month running, as people grow more worried about the economy and their personal financial situation

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