'Everything must go' - Signs appear at TG Jones in Whiteley confirming closure amid major restructuring
150 stores are expected to close nationwide
Closing down signs have appeared in a Hampshire TG Jones store as the company carries out a major restructuring.
In July plans were approved in the High Court that will see around 150 TG Jones stores, formerly known as WH Smiths, close. One store that has now been confirmed to be closing is the branch in Whiteley with signs appearing in its window confirming that a closing down sale is in progress with 50 per cent off.
The chain of high street shops was 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.
A closing date has not yet been confirmed for the Whiteley store and nor has the full list of stores that will be affected by the restructuring plan.
There are a number of branches in Hampshire that could be impacted including shops in Southsea, Cosham, Havant, Waterlooville and Fareham.
The High Court approved the restructuring plan after lawyers told the judge that the company was facing an £8 million shortfall if they were 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.