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High street chain hosts closing down sale with £1 items in major restructuring plan
The retailer is offering discounts online and in stores as a court-approved restructuring is expected to close around 150 branches and cut hundreds of jobs.
- TGJones launched a major closing-down sale with items starting at £1 as the retailer prepares to close around 150 stores across the UK.
- High Court officials approved a restructuring plan in July to prevent the company's insolvency; lawyer Tom Smith attributed the decline to "long-term sales decline" and increased Online shopping habits.
- The company, formerly known as Smith, was acquired by Modella Capital last year and operates around 450 stores with 4,700 staff members, mostly in the UK.
- Stores in Essex—specifically Basildon, Southend, and Maldon—will close in September and October, while the Stroud location is also hosting a sale before leaving the high street.
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