TG Jones, the high street chain previously known as WH Smith, has announced the closure of 19 branches this month as part of a broader restructuring plan expected to affect around 150 stores nationwide. This development follows approval of the restructuring by the High Court earlier this year, a move designed to prevent the company’s insolvency.
The chain, which was rebranded as TG Jones last year after being acquired by Modella, now operates roughly 450 stores and employs approximately 4,700 staff, primarily in the UK. WH Smith, meanwhile, has retained its travel location outlets such as airport and train station shops.
Alex Willson, chief executive of TG Jones, commented: “The plan protects the substantial core of the store estate and makes TG Jones a stronger, more sustainable business.”
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Tom Smith KC, representing TG Jones, explained that the “working assumption” is that around 150 stores will close as landlords who do not accept the reduced rental rates may choose to terminate their leases. He noted the company has faced a “long-term sales decline” exacerbated by factors including high inflation, increased online shopping, reduced consumer spending, as well as rising labour costs and taxes.
Smith also acknowledged that the rebranding from WH Smith to TG Jones has negatively impacted sales.
The origins of WH Smith date back to 1792, when Henry Walton Smith and his wife Anna established the business as a news vendor in Little Grosvenor Street, Mayfair. After their passing, the company was taken over by their youngest son William Henry Smith in 1812, leading to significant expansion throughout the 19th century. The last member of the Smith family left the company board in 1996. In recent years, the group decided to divest its high street stores, selling them to Modella while retaining travel outlets.
A spokesperson for TG Jones stated: “We appreciate this will be disappointing news for our colleagues, customers and the local community. Our priority now is supporting those affected colleagues while continuing to serve our customers.”