Latest Hampshire TG Jones closure announced: Waterlooville branch to shut in the new year with closing down sale underway
Another Hampshire branch announced to close
The latest TG Jones branch to close in Hampshire has been announced amid a major restructuring which will see 150 stores shut nationwide.
Signs have appeared in the window of TG Jones in Waterlooville confirming it is closing down with a sale now underway. The branch will be closing in the new year with The News understanding that January 23 will be its final day of trading.
It comes as the company undergoes restructuring with 150 stores, formerly knows as WH Smiths, set to close nationwide. The Waterlooville branch closure follows on from the announcement that the Cosham branch will be closing on January 9.
The chain of high street shops were renamed to TG Jones last year after being bought by Modella, while WH Smith kept its group of stores in travel locations such as airports and train stations. There are around 450 TG Jones stores with 4,700 staff, mostly in the UK.
In July the High Court approved a restructuring plan after lawyers told the judge that the company was facing an £8 million shortfall if it was not sanctioned. It was said the company has suffered from “long-term sales decline”, exacerbated by high inflation, increased online shopping, reduced consumer spending, with higher labour costs and taxes.
The rebranding from WH Smith also is said to have affected sales. At the start of September the TG Jones store in Whiteley was also revealed to be closing as part of the restructure.
There are also TG Jones stores in Southsea, Fareham and Havant.