Rebranded high street chain to close another store despite £76m rescue deal | UK | News
WHSmith’s rebranded high street arm TG Jones is set to close another store despite being rescued in a £76m deal earlier this year. The latest closure will affect the Nicholson Shopping Center branch in Maidenhead, which recently told customers on its Facebook page that it was in its “final weeks” of trading.
Although the retailer has not confirmed an exact closing date, the store has launched a massive 30% off sale to move remaining stock before it closes permanently. The Post Office at the branch will also close, eliminating a vital service for local residents.
Maidenhead’s closure comes as the Nicholson Shopping Center is set to close in June ahead of redevelopment plans, according to the Maidenhead Advertiser.
The shopping centre’s impending closure has intensified pressure on the TG Jones store, which is struggling to maintain footfall in a challenging high street environment.
Earlier this year TG Jones also closed its Clapham branch in south London following a 75% sales cut as part of efforts to eliminate underperforming locations.
The company’s current troubles follow the massive sale and rebranding of WHSmith’s high street operations.
In a £76 million deal with investment firm Modella Capital, 480 high street stores were sold to form TG Jones, enabling WHSmith to maintain a presence primarily through travel-focused stores in airports, railway stations, hospitals and motorway service areas.
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While its travel arm remains operational and profitable, its high street business has struggled to compete with the rise of online shopping and changing consumer habits.
The closures are part of a wider trend affecting traditional high street retailers in the UK; Rising rents, declining footfall and the convenience of online shopping are making it increasingly difficult for long-standing chains to survive in city centres.
For customers, the closure of Maidenhead is the latest in a series of high street losses as locals lose both a familiar retail outlet and the convenience of an in-branch Post Office.
TG Jones has previously said it is committed to supporting staff during the closure and encouraging shoppers to take advantage of ongoing clearance sales before the branch closes for good.
