Up to 150 former WH Smith stores are facing closure, putting thousands of jobs at risk.
Investment firm Modella Capital bought 480 stores for £78 million last year and rebranded them as TG Jones.
However, yesterday the company said weak consumer spending on the high street, cost of living and rising costs had forced it into a restructure plan.
It added that the name change had also affected trade.
TG Jones has stores in Penrith, Keswick, Workington, Kendal, Whitehaven, Windermere and Carlisle.
It is not known if any of the Cumbrian stores will be affected and the restructuring plan will need approval from creditors and the courts.
