HIGH street stores across Cornwall could be under threat following the announcement by TGJones that it is considering closing 150 of its 480 outlets.

The company has stores across Cornwall, including Bude, Camborne, Falmouth, Helston, Newquay, Penzance, St Austell and Truro. No individual stores have been earmarked for closure as yet.

The TGJones brand was created in June 2025 following Modella Capital's £40-million acquisition of 480 high-street stores from WHSmith, one of the UK's leading retailers of books, stationery and newspapers whose stores had expanded to provide space for concessions including the Post Office and Toys R Us.

Named after the company founder, WHSmith retained the title for its separate travel arm, found in airports, stations and motorway services; the replacement name brand was a fictional name designed to mimic the original and its "family business" feel.

However, the company is now citing “the forced name change from WHSmith”, along with rising operating costs “as a direct result of government policy and recent geopolitical events” among the factors that have led to its decision to launch a formal restructuring plan to make the business “fit for the future”.

A TGJones spokesperson said: “The plan is an essential part of the company’s turnaround and will support further investment in stores over the long term.”

The spokesperson added: “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.”

Thanking stakeholders that have pledged support, including the Post Office and Toys R Us, the TGJones spokesperson continued: “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 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.”

Modella Capital has committed to financial contributions totalling more than £35-million as part of the restructuring process.

The announcement comes after Claire's, also owned by Modella Capital, ceased to operate in the UK and Ireland with the loss of four stores in Cornwall. Modella Capital also owns Hobbycraft, which has a store in Truro.