Up to 150 high street stores formerly part of the WH Smith business face closure, with hundreds of jobs understood to be at risk.
TGJones attributed the major restructuring to the “direct result of government policy and recent geopolitical developments.”
The company said the planned closures are a necessary measure after 12 months of “very difficult trading conditions.”
These outlets were rebranded as TGJones following Modella Capital's acquisition of 480 WH Smith stores last year.
In a statement sent to the Press Association on Wednesday, a company spokesperson stressed that the restructuring decision was “not taken lightly.”
In a statement provided to the Press Association on Wednesday, a company spokesperson said the decision to restructure the company had “not been taken lightly”.
The statement said: “While we continue to believe in the strength of the core business, TGJones has experienced very challenging trading conditions over the past year, along with many other traditional 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 business as a whole continues to make losses.
“The forced name change from WH Smith has also had a negative impact on consumer awareness, even though the proposition has improved.”
The statement continued: “The survival of this iconic 234-year-old company is our imperative. No decisions have yet been made about how this will affect roles, but we will try 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.
“However, we want to be clear that the plan may result in the closure of some stores and the loss of some functions.
“We recognize the impact this uncertainty will have on colleagues, their families and the communities we serve.”
