Modella Capital is taking steps to turn around the business’s performance, which it said was against a “tough” backdrop for the UK high street.
The Telegraph said it was in talks with advisers at Teneo over a plan for the chain, formerly WH Smith’s high street shops, which it took control of last year.
Reports said that around 80 TG Jones stores, out of its chain of more than 450, were most at risk following a period of weaker trading.
A spokesman for Modella said: “The economic conditions for all retail businesses are tough.
“The combination of cost inflation, weak consumer confidence and adverse government fiscal policies puts significant pressure on all retailers.
“Against this backdrop, the management of TG Jones is working hard to turn around this important retail business, and they are drawing on the best available advice in doing so.
“TG Jones’ management and Modella Capital are committed to building a sustainable future for this important UK business.”
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WH Smith sold its high street stores to Modella last year, but held onto its travel shops, including in airports and train stations, which was the more profitable part of the business.
The deal valued the high street chain at around £76 million and resulted in it being rebranded to TG Jones.
Meanwhile, Modella recently said it was putting Claire’s Accessories and The Original Factory Shop into administration following “last-ditch attempts to rescue them”.
The company, which specialises in retail investment and has become a significant name within the industry, said neither firms have a realistic chance of being profitable again and blamed a challenging climate on the high street for the financial troubles.
The administrations put some 1355 employees in Claire’s UK and Ireland shops and around 1220 staff across The Original Factory Shop at risk.
Reports said that a store closure programme was one option for TG Jones, but that Teneo was considering alternative measures, including asking WH Smith for financial support, and that no final decisions had been made.
Since buying the business, it has invested in refitting 14 TG Jones stores and refurbished a number of others, with further refits scheduled during 2026.
Glasgow has two locations, one on Sauchiehall Street and another on Argyle Street.
