The deal, completed last June, saw around 480 stores move into the hands of private equity firm Modella Capital in a transaction worth about £76million. The sites were later rebranded as TG Jones.

Now, less than a year on, the new owner is reviewing the business after a period of weaker sales.

Modella has reportedly called in restructuring experts at Teneo to look at ways to cut costs and strengthen the chain’s finances.

According to The Telegraph, up to 80 shops have been flagged as underperforming and could be most at risk under any turnaround plan. TG Jones currently operates more than 450 stores across the UK.

Shutting some locations is one of the options being considered, although no final decisions have been taken.

Any closures would add to growing concerns about the state of Britain’s town centres.

In recent months, several major brands including Poundland and River Island have announced store shutdowns as higher costs and changing shopping habits continue to hit the sector.

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The review highlights the ongoing strain on traditional high street retailers, with lower footfall and squeezed household budgets making it harder for some shops to remain profitable.

If closures do go ahead, it would be another setback for local high streets already struggling with empty units and fewer shoppers.

WH Smith chose to retain its travel retail operations, which include outlets at airports and railway stations, as these represented the more lucrative segment of its business.

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The separation allowed WH Smith to focus on its stronger performing travel arm while Modella took on the challenge of revitalising the traditional high street presence.

Reports indicate that store closures represent just one potential avenue being explored, with Teneo also examining other options such as seeking financial assistance from WH Smith.

This development follows Modella’s recent decision to place both Claire’s Accessories and The Original Factory Shop into administration after what the company described as final efforts to save them proved unsuccessful

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Modella, which has established itself as a prominent player in retail investment, stated that neither business had a realistic prospect of returning to profitability, attributing their difficulties to tough trading conditions on Britain’s high streets.

Those administrations have placed jobs at risk for approximately 1,355 workers at Claire’s stores across the UK and Ireland, alongside around 1,220 employees at The Original Factory Shop.