Alex Willson, the new chief executive of TG Jones, has delivered a scathing assessment of the former WHSmith high street chain, describing it as 'almost completely broken' after years of under-investment. Willson, parachuted in by distressed investor Modella Capital in April, found stores with missing lightbulbs, threadbare carpets and broken escalators, with some operating on single staff members.

Modella Capital acquired the 450-store chain for £40mn last year, reducing the initial £52mn offer. The restructuring plan before creditors proposes closing up to 150 stores and could leave landlords receiving no rent. Willson criticised the previous regime's focus on maximising short-term profits rather than long-term investment, calling it a 'slow death' for the business.

Retail analyst Richard Hyman questioned whether Modella can succeed where WHSmith failed, noting the high street books and stationery model faces structural challenges from online competition. Like-for-like sales at rebranded stores fell 10.8% by December, while remaining WHSmith-branded stores showed growth.

Willson plans to overhaul the product range with photo frames, DIY items and scale models, backed by £4.5mn marketing spend. However, the rebranding itself appears to have worsened performance, suggesting deeper structural issues that simple cosmetic changes cannot address.