Up to 150 former WHSmith shops now rebranded as TGJones will be closed in a restructuring plan launched by the owner of the chain.
The WHSmith High Street shops including the Penrith shop in Angel Square were purchased by Modella Capital last year, with the stores rebranded under the name TGJones.
The restructuring will see Hundreds of jobs at risk with some stores set close immediately and rent holidays and reductions on rent of upto 75% will be demanded from landlords with stores closed if rent reductions are not provided.
A Modella Capital spokesperson said the decision had "not been taken lightly" but blamed challenging retail conditions for the need to close stores.
"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," the spokesperson said.
The private equity firm blamed rising operating costs "as a direct result of government policy" and recent "geopolitical events" alongside impact’s of the chains rebrand to TG Jones.
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.
The firm has made no decisions yet on how the closures would affect jobs, and it is aiming to preserve as many jobs as possible in the company, but staff across the business were told on Wednesday that between 100 and 150 branches were likely to close as a result of the process.
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