TG Jones Faces Major Restructure And Store Closures
Retailer TG Jones is undergoing a major restructuring process following the sale of its travel division. The company's non-travel assets were sold to private equity firm Madeleine Capital. Approximately 500 high street stores are currently under review, with a substantial number expected to close. Madeleine Capital is currently negotiating with landlords to reduce rent costs. The company is battling to avoid bankruptcy, and job losses are expected. The retailer is experiencing a decline in traditional customer demand as younger demographics increasingly favor online shopping. Large supermarkets are also competing with the brand's traditional product categories. Investors may face a vote regarding the company's leadership.
Topics
Developing
- 862d Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore.
- 862d Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.
- 862d Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est.
- 862d Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium.
Sources · 7 independent
Times Radio UK
“They are now looking into what can only be described as a major restructure. We're looking at quite a substantial amount of those looking to be closed.”
Times Radio UK
“classic demand is not there for this type of shop on the bit like that. Also, just look at where people are buying this stuff for their score.”
Unlock the full story
Get a Pro subscription or above to see the live story progression and the full list of independent sources confirming each event as they happen.
Log in to upgrade