A court-approved restructuring deal will lead to the closure of up to 150 former WHSmith High Street stores, alongside significant rent cuts for most remaining locations.

The Financial Reporting Council (FRC) has launched a formal investigation into PwC's auditing practices concerning the financial statements of retailer WHSmith.

The new chief of TG Jones, an ex-WHSmith high street chain, blames the former owner's lack of investment for its woes and is seeking support for a restructuring plan.

Up to 150 former WHSmith high street stores are slated for closure, impacting numerous retail locations. This move signifies a significant reduction in the footprint of the former business.

A UK private equity investor is reportedly planning to close up to 80 former WHSmith stores, which were rebranded as TG Jones after acquisition.

A court-approved restructuring deal will lead to the closure of up to 150 former WHSmith High Street stores and significant rent cuts on most remaining locations.

London-listed retailer WHSmith saw its shares tumble by 16% after announcing a capital raise and slashing its profit forecast, citing a hit to earnings from the ongoing Middle East conflict.

Modella Capital, the new owner of WHSmith, plans to cut up to 150 of the 480 acquired stores and introduce new goods and services as part of a contrarian bet on the UK high street.

Up to 150 former WHSmith high street stores, which were acquired by Modella Capital last year and rebranded as TGJones, are set to close, putting hundreds of jobs at risk due to company restructuring.

A court has approved a sweeping restructuring plan for the high street chain TG Jones, formerly known as WHSmith, which will see steep rent cuts on most remaining stores and put around 150 shops at risk of closure, though the company will avoid insolvency.

PwC is facing an investigation by the UK's accounting regulator, the Financial Reporting Council, concerning its audit of retailer WH Smith. The probe will examine the firm's financial reporting practices related to the company.

Two retailers, WHSmith and TGJones (formerly WHSmith stores acquired by Modella Capital), have announced plans to close up to 150 stores combined, putting hundreds of jobs at risk due to company restructuring and government policy.