Under-investment led former WH Smith chain to 'slow death', says new boss
New boss of the chain - which now goes by TG Jones - says a lack of investment left the chain "almost completely broken"
The new chief executive of TG Jones is blaming the previous owners of the stationery chain for the company's decline, leaving the business "almost completely broken".
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Boss Alex Willson said a focus on profits and a lack of long-term investment in the business, then under the branding WH Smith, had led to the company's “slow death”.
Despite that, he maintained it was still possible to turn the high street staple around into a successful business once more.
The criticism follows Modella Capital's quest for creditor approval for a restructure, following a dismal first period of trading under its new ownership.
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The investor bought the 450-store chain less than a year ago, rebranding it from the well-known WH Smith to TG Jones.
The new proposals include as many as 150 store closures, as well as landlords of some remaining stores receiving no rent whatsoever.
Modella has warned court approval is needed for the plan by the end of June, or TG Jones will go into administration.
Willson, who took over the role in April, said he was initially greeted with a "huge scale of under-investment" in the business, noting some stores were missing lightbulbs and ceiling tiles, had threadbare carpets, and had lifts and escalators that didn't work.
He added that it was "bonkers" that some stores were run by a single employee.
Modella has previously said it bought retailers in need of “significant investment” in the hopes of returning them to sustainable growth, but conceded that it won’t “win every battle”.