Up to 150 TG Jones stores across the UK are set to close, it was reported this week.
The rebranded former WH Smith high street network was acquired last year by investment firm Modella Capital. At the time, there were around 480 locations.
Today, about 450 stores are operating, but this number could be slashed by a third after details of a restructuring plan emerged. Modella blamed challenging trading conditions and rising costs, also admitting the forced rebrand had negatively impacted consumer awareness.
Modella is reportedly trying to convince creditors and landlords to back its proposals – asking the latter to accept rent holidays and reductions. However, given the investment firm recently placed its Claire’s business into liquidation, it could face challenges in securing support for its plans for TG Jones.
