British stationery chain launches ‘closing down’ sale at ANOTHER store after 99 years on the High Street

A BRITISH stationery chain has launched a closing down sale at another one of its branches, with the shop having served shoppers for almost a century. TG Jones, the brand created after the sale of WH Smith’s high street business, has put up closing-down signs at its Tenby store in Pembrokeshire, offering 30% off some items. The shop at 7 High Street has traded since 1927, when it first opened its doors as WH Smith, meaning it has been a fixture of the seaside town for 99 years. Letting particulars published by retail property advisers Calan are already seeking a new tenant for the unit, at a rent of £32,500 a year. Sign up for the Money newsletter Thank you! The 2,002 sq ft premises, which has a rateable value of £19,000, is described in the documents as “to be refurbished” once vacant. TG Jones has not formally confirmed the closure or given a closing date for the Tenby branch. The store was one of seven across south-west Wales left in limbo when the High Court approved the chain’s rescue plan at the start of July, alongside branches in Swansea, Carmarthen, Llanelli, Neath, Bridgend and Haverfordwest. Under the restructuring, rents are being slashed by between 15 and 75%, while landlords who refuse the new terms can instead end their leases, which is where most closures are expected to occur. Up to 150 of the chain’s 450 stores are set to shut altogether as part of the shake-up. The rebrand to TG Jones came after private equity firm Modella Capital bought WH Smith’s high street arm last year in a £76million deal, which required the historic 234-year-old name to be dropped from the high street. Most read in Money WH Smith continues to trade at airports and railway stations. The court heard the business was facing a cash shortfall of almost £8million, with barrister Tom Smith KC describing the firm as “highly distressed” and “running on fumes at the moment”. The chain employs 4,700 people, and WH Smith has refused to fund enhanced redundancy payouts, meaning affected staff face only the statutory minimum. Comment now