STAFF at a flood-hit town centre store could find their jobs are at risk after it was announced eight former WH Smith stores would close immediately, with nearly 150 more under threat.

The investment company, Modella Capital, bought the company’s high street stores last year in a £76m deal and rebranded them all to TG Jones.

However, the firm has now announced a radical restructuring of the chain due to what it calls “weak consumer spending.”

Critics have previously argued that the name change to a fictitious family brand has turned previously loyal customers away from the business and it was inevitable that stores would close soon after its deal with WH Smith expires.

Eight of the remaining 450 stores will close immediately, although it hasn’t been disclosed where these stores will be. Modella is also seeking full rent holidays on over 100 more of its locations, according to The Telegraph.

As such, with no guarantee of successful negotiations for every store, more shops could close for good in the near future. The new owners have also encountered challenges following the collapse of its other chains, Claire’s and The Original Factory Shop.

Meanwhile, The Guardian reports it would like rent reductions on hundreds more locations for another year.

Over 5,000 people work for the business across the country and alongside the low consumer spend in-store, TG Jones also blames government policy for the increasing costs of staying open.

The store has become the second big business in Abergavenny in a week to level criticism at the government for making the running of businesses more difficult, after Premier Inn owners, Whitbread, announced Brewers Fayre would be closing.

As a result, plans to increase the amount of physical stores to 500 have been scuppered. WH Smith’s travel stores, mainly found inside airports and railway stations, remain unaffected and continue to operate as before.

The 233-year-old business was first established in London by Henry Walton Smith and his wife, Anna WH Smith.