Iconic UK high street chain releases heartbreaking update – 80 stores at risk of closure UK | news
The boss of TG Jones has called on advisers to draw up a restructuring plan to put the retailer on a stronger footing, but it could put around 80 stores at risk, according to reports.
Reports said around 80 TG Jones stores,
Modella Capital is reportedly in talks with Teneo over a plan for the chain, formerly WH Smith’s high street shops, which it took control of last year. Reports said around 80 TG Jones stores, out of its chain of more than 450, were most at risk after a period of weak trading. WH Smith sold its high street stores to Modella last year but kept its travel shops, including airports and train stations, which were the more profitable part of the business.
According to The Telegraph, the deal valued the high street chain at around £76 million and resulted in it being rebranded as TG Jones.
Meanwhile, Modella recently said it was putting Claire’s Accessories and The Original Factory Shop into administration after “last-ditch efforts to save them”.
The company, which specialises in retail investments and has become a significant name within the industry, said it had no real prospect of becoming profitable again and blamed the challenging high-street environment for the financial problems.
The administration has put around 1,355 staff at Claire’s UK and Ireland shops and around 1,220 at The Original Factory shops at risk.
Reports stated that planned store closures were an option for TG Jones, but Teneo was considering alternative measures, including seeking financial support from WH Smith, and no final decision had been made.
