Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Stationery chain TG Jones will be cutting prices and restructuring its 480 shops in an attempt to win back customers and secure its financial future, chief executive Alex Willson revealed in a LinkedIn post.
The TG Jones rebrand came after investment firm Modella Capital acquired the high street arm of WHSmith for £40m. However, the retailer has since hit financial difficulties and is undergoing a formal restructuring process to manage its debts.
Willson has outlined plans to refurbish stores, improve product selection, and increase shop-floor staffing. The strategy includes reintroducing store managers to the largest branches and hiring more area managers to reduce workloads.
Under the previous takeover agreement, Modella Capital pledged not to close any stores for a year. However, that protected period is now ending, and the company has reportedly taken advice from consultancy Teneo and law firm Slaughter and May to prepare for changes.
The restructuring strategy also involves expanding partnerships with Post Office, Toys R Us, and Hobbycraft, while giving local store teams the authority to stock regional products.
Willson wrote on LinkedIn: “Fairer pricing: We are no longer tied to WHSmith airport and rail pricing. High Street prices are coming down. Simple as that.”
Modella Capital has been approached for comment.
