TGJones, the high street chain known for selling books and stationery, has launched a closing-down sale as part of a company restructuring that will see 150 stores shut across the UK.
The retailer's branch on Market Street, Warwick, is now running an 'Everything Must Go' sale, offering customers up to 60% off selected products. The store is among the 150 branches being closed under the company's restructuring plans.
Widespread closures and discounts
The brand closed 22 of its more than 400 branches last month. Some other stores have also launched closing-down sales, with discounts of as much as 70%.
In addition, the company's website is advertising discounts on items including books, stationery and LEGO sets. Rent cuts are also being introduced at other branches as part of the restructuring.
Background and ownership
TGJones 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 close by early 2027.
WH Smith retained its group of stores in travel locations such as airports and railway stations. Henry Walton Smith and his wife, Anna, first established WH Smith in 1792 on Little Grosvenor Street in Mayfair as a news vendor.
Restructuring approval and financial package
Modella Capital received approval for a company restructure in July, which led the brand to announce the confirmed closure of 19 stores. Under the agreement, 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 TGJones, 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. Soaring inflation, the continued growth of online shopping, weaker consumer confidence, rising taxes and increased employment costs had all contributed to the decline, he said.
