The Isle of Man’s TG Jones store will remain open despite reports that dozens of branches across the former WH Smith high street chain could close under a major restructuring plan.

A spokesperson for the chain confirmed to Isle of Man Today that its store on Strand Street in Douglas would ‘not be affected by the current upheaval and will stay open’.

Press reports from the UK this week said private equity firm Modella Capital has launched a restructuring plan for the TG Jones business which could see around 150 stores close and hundreds of jobs lost across the UK.

The business employs around 5,000 staff across approximately 480 stores.

Modella bought the high street arm of WH Smith last year in a £76 million deal and has since rebranded stores as TG Jones.

The Douglas branch adopted the new name last year, although WH Smith continues to operate its travel retail business separately, including at the Sea Terminal and Ronaldsway Airport.

According to national reports, the restructuring plan includes proposals for landlords to accept rent cuts and rent holidays in a bid to keep the business afloat.

The proposals are expected to go before the High Court later this year.

In a statement, Modella said the decision ‘has not been taken lightly’ and said ‘the survival of this iconic 234-year-old business is our imperative’.

The company has also reportedly blamed difficult trading conditions and the loss of the WH Smith brand name for weaker consumer awareness following the rebrand to TG Jones.

The original WH Smith name had been a familiar presence on British high streets since the retailer first opened in London in 1792.