WHSmith buyer Modella restricted from mass shop closures for 12 months

The new owner of WHSmith’s high street stores, Modella Capital, has been restricted from carrying out widespread store closures for at least 12 months, following its acquisition of the chain.
Under the terms of a transitional services agreement (TSA) between WHSmith and Modella Capital, which facilitated the £76m sale of 480 high street stores, the buyer is prohibited from initiating a company voluntary arrangement (CVA) or significant store closures within the first year of ownershi