High street book store chain launches ‘closing down’ sale as company restructures

详细摘要

The brand closed 22 of its more than 400 branches last month in a major blow to the UK high street. Some other stores have launched closing-down sales, with discounts as high as…

A UK high street chain has announced a closing-down sale as it undergoes a restructuring. TGJones, known for selling books and stationery, is gearing up to close yet another of its stores. The retailer's branch on Market Street, Warwick, has launched an 'Everything Must Go' sale, where customers can get up to 60% off select products. The store is one of 150 that are being shuttered as part of the company's restructuring plans.

The brand closed 22 of its more than 400 branches last month in a major blow to the UK high street. Some other stores have launched closing-down sales, with discounts as high as 70%.

Additionally, the brand's website is advertising discounts on items including books, stationery and LEGO sets. Rent cuts are also taking place at other branches as part of the restructuring.

TG Jones was created after the WHSmith bookshop chain was sold in a £76 million deal to Modella Capital. Approximately 70 of its branches with post office counters are set to shut by early 2027.

WH Smith kept its group of stores in travel locations such as airports and train stations. Henry Walton Smith and his wife, Anna, first established WH Smith in 1792 on Little Grosvenor Street in Mayfair as a news vendor.

Modella Capital got approval for a company restructure back in July. This led the brand to announce the confirmed closure of 19 stores.

Under the agreement made in July, Modella Capital will inject a further £15 million into the business, adding to the £10 million loan provided in April. The package also includes reduced rental costs agreed with landlords as part of the turnaround strategy.

Approving the plans, Mr Justice Hildyard said he was satisfied the court had the authority to approve both restructuring proposals, although he acknowledged it had been a difficult decision to reach. Tom Smith KC, representing TG Jones, told the court that the retailer had suffered a sustained fall in sales, driven by a range of economic pressures affecting the UK retail sector.

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