The TG Jones store, formerly known as WH Smith, on Wells High Street is set to close in September, marking another loss for the city’s retail scene. This closure is part of a wider plan involving approximately 150 store closures across the country as the company seeks to address financial challenges.
The retailer, which operates around 450 stores nationwide and employs about 4,700 people, attributes its difficulties to several factors including falling sales, inflation, reduced consumer spending, the rise of online shopping, and increased operating costs.
Following its acquisition by Modella Capital last year, TG Jones carried out a rebranding of WH Smith’s high street business, distinguishing it from the travel-focused WH Smith stores found in airports and train stations.
The Wells shop currently features substantial reductions and “everything must go” notices in its windows, signalling its imminent closure. While the exact date of closure has not been confirmed, the shop’s departure will leave another vacancy on Wells High Street.
This issue is part of a broader trend affecting high streets across Somerset and beyond, with many businesses struggling under high business rates and operational expenses. TG Jones has also announced closures affecting its Bath and Clevedon branches, with uncertainty surrounding other Somerset locations such as Frome, Nailsea, Taunton, and Yeovil.
TG Jones CEO Alex Willson commented in July: “We welcome the court’s approval of our restructuring plan. This decision allows us to move ahead with our turnaround strategy. The plan protects the substantial core of the store estate and makes TG Jones a stronger, more sustainable business.”
He added, “We are incredibly grateful to all the colleagues, partners and stakeholders who engaged constructively throughout the process, and to Modella Capital for its continued financial commitment.”
At this time, the company has not disclosed how many jobs will be impacted by the closures in Wells or other affected locations.