TG Jones hosts closing down sale with £1 items for shoppers

TG Jones, formerly known as WH Smith, has secured court approval for a major restructuring, which is expected to lead to the closure of around 150 stores and affect hundreds of jobs.

In July, TG Jones’ restructuring plan was approved by the High Court in a move which will save the business from insolvency.

Closing-down sale signs have appeared in TG Jones shops across the UK, with customers also able to shop its sale online.

UK high street shops that no longer exist

TG Jones’ website is giving customers the chance to buy items for as little as £1, with everything from gift bags to books and toys included in the closing-down sale.

The retailer warned online customers: “Don’t miss your last chance to buy and grab your favourites for less today – once items in our Sale are gone, they really are gone forever!”

Online offers include:

• 50% off signed & special edition books
• Up to 50% off stationery
• 20% off LEGO sets
• Up to 75% off Christmas shop

It has been announced that stores in Essex (Basildon, Southend and Maldon) will close in September and October, and the Stroud store is also hosting a sale for customers before it leaves the high street.

The chain of shops was 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.

It previously warned that the overhaul would put jobs at risk, but didn’t disclose how many workers will be affected.

In July, Alex Willson, chief executive of TG Jones, said: “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.”

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Tom Smith KC, for TG Jones, said that the “working assumption” is that around 150 stores will close as a result of the plans, as landlords who do not wish to accept the reduced rate can choose to terminate the lease.

He also 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 has also damaged sales, he added.

Is your local TG Jones store closing its doors? Let us know in the comments.