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TG Jones 80 Stores 'at Risk' as Owner Calls in Advisers
Up to 80 of TG Jones’ 480 UK stores face possible closure amid cost inflation and weak consumer confidence, with no final decisions made, advisers said.
- Recently, Modella Capital instructed advisers to review TG Jones' operations, considering closure of up to 80 of its 480 UK stores.
- Against weak trading, takeover terms curb quick store cuts as a clause in the £40 million sale agreement bars closures within 12 months of last June's takeover, Modella spokesman said.
- In south Essex, specific TG Jones outlets potentially affected include Basildon, Wickford, Billericay, Brentwood, Southend, Chelmsford and Lakeside in Grays.
- The administrations of other chains highlight immediate job risk for retail staff as Modella recently placed Claire's Accessories and The Original Factory Shop into administration, putting 1,355 employees and around 1,220 staff at risk.
- Advisers may seek WH Smith's backing as one restructuring avenue, weighing financial support while no final decisions have yet been made.
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18 Articles
Glasgow Live+4 Reposted by 4 other sources
TG Jones 80 stores 'at risk' as owner calls in advisers
The former WH Smith high street chain is considering a store closure programme as one option, with no final decisions made
·Glasgow, United Kingdom
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Coverage Details
Total News Sources18
Leaning Left2Leaning Right1Center9Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
L 17%
C 75%
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