Cosham TG Jones closing as major restructuring continues for former WH Smiths branches
Cosham TG Jones to close in new year
Signs have appeared in the window of a TG Jones in Portsmouth confirming it is closing down in the new year.
The company is currently undergoing major restructuring which will see around 150 stores, formerly known as WH Smiths, close nationwide. The full list of branches which are closing have not yet been confirmed but the store in Cosham is the latest to unveil a closing down sale.
TG Jones on Cosham High Street is closing on January 9 with items on sale for up to 30 per cent off and signs stating ‘everything must go’.
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, Havant and Waterlooville.