The Danish retail chain Flying Tiger Copenhagen, which also operates stores in Poland, has been acquired by the British fund Modella Capital, known for its tough restructuring and store closure strategies.

Modella Capital, the owner of the retail chain formerly known as WH Smiths high street shops (TG Jones), has informed lenders that the company faces administration if it fails to complete a restructuring by the end of July.

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.

Modella Capital, the investment company that acquired the former WH Smith high street stores, is reportedly charging the retailer millions of pounds in license fees for a fictitious 'family' brand, with £2.9 million already owed.

Dozens of former WH Smith stores, rebranded as TG Jones by new owner Modella Capital, are likely to close under a restructuring plan, putting thousands of jobs at risk due to weak consumer spending.

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.

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.

Modella Capital is reportedly in talks with Teneo over a plan for the chain, formerly WH Smith’s high street shops.