The TG Jones shop and newsagents in Wells has become the latest high street casualty in the city, set to close its doors in September. This comes as part of a wider national programme by the company, which is closing around 150 stores across the UK due to financial challenges.
TG Jones, which operates approximately 450 stores nationally and employs around 4,700 people, emerged last year following Modella Capital’s acquisition and rebranding of the former WH Smith high street business. The ongoing store closures reflect the company’s efforts to address falling sales, inflation, reduced consumer spending, increased online shopping, and rising operating costs.
The Wells store currently displays substantial reductions and ‘everything must go’ signs, signalling the imminent closure. While the exact closing date and number of jobs affected at this location have yet to be announced, the shutdown will contribute to the growing number of vacant shops in Wells.
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Other Somerset locations affected include branches in Bath, Clevedon, Frome, with Nailsea, Taunton and Yeovil also listed on the company’s store finder as operating but with uncertain futures. The Wellington store closed earlier this year in January.
Alex Willson, Chief Executive of TG Jones, commented on the restructuring plan, stating: “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. 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.”
The retailer’s restructuring aims to prevent insolvency and ensure long-term sustainability, although the impact on employees remains a concern as the company has not disclosed the full extent of job losses.