The owner of TG Jones has called on advisers to draw up a restructuring plan to put the retailer on a stronger footing, but that could put around 80 stores at risk, according to reports.

Modella Capital is reportedly in talks with Teneo over a plan for the chain, formerly WH Smith’s high street shops, that 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. WH Smith sold its high street stores to Modella last year, but held onto its travel shops, including in airports and train stations, which were the more profitable part of the business.

The deal valued the high street chain at around £76 million and led to it being rebranded as TG Jones, according to The Telegraph.

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 firm has a realistic chance of becoming profitable again and blamed a challenging high-street climate for the financial troubles.

The administrations put some 1,355 employees in Claire’s UK and Ireland shops and around 1,220 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.

Modella said in a statement: “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 TGJones is working hard to turn around this important retail business, and they are drawing on the best available advice in doing so.

“TGJones’ management and Modella Capital are committed to building a sustainable future for this important UK business.”