A major UK high street chain, TG Jones, is at risk of shutting up to 100 stores less than a year after being taken over by Modella Capital. The company is reportedly working to secure a new debt deal to stay afloat, but this has placed hundreds of jobs at risk. TG Jones has been a staple on the UK high street for many years, but the rise of online shopping and changing consumer habits have taken a toll on the business. Sources close to the company have revealed that the store closures will be a 'significant' reduction, with some locations potentially being sold off. The news has sent shockwaves through the retail industry, with many speculating that more store closures could follow. Modella Capital's takeover of TG Jones was announced in spring 2023, with the company promising to invest in the business and revamp its stores. However, it appears that the financial difficulties have proven more severe than initially thought. The exact number of store closures and job losses has not been confirmed, but it is understood that the company is working to reduce its costs and secure a new debt deal. This could involve store closures, redundancies, and other cost-cutting measures.
High Street Chain Faces 100 Store Closures Amid Debt Woes
UKPulse Consumer DeskModella Capital's TG Jones may shut up to 100 stores due to financial difficulties, putting hundreds of jobs at risk.
- TG Jones faces up to 100 store closures
- Modella Capital scrambling to secure new debt deal
- Hundreds of jobs at risk due to financial difficulties
Why this matters: The potential store closures and job losses at TG Jones are a worrying sign for the UK high street, which has been struggling in recent years. The impact on local communities and the wider economy could be significant.
What this means for you: This story may affect household budgets, bills, savings, benefits or financial planning depending on your circumstances. Check whether the change applies to you before making financial decisions.