“While we continue to believe in the strength of the core business, TGJones has experienced highly challenging trading conditions over the past year, along with many other brick-and-mortar retailers,” the spokesperson said.<\/p>\n
The private equity firm said the challenges were partly due to the “forced” name change, saying that it negatively impacted public awareness of the brand. It also blamed rising operating costs “as a direct result of government policy” and recent “geopolitical events”.<\/p>\n
“The restructuring plan is designed to protect the substantial core of the store estate and create a stronger, more sustainable business that can continue to serve customers for years to come,” they said.<\/p>\n
Modella Capital’s spokesperson said the firm had made no decisions yet on how the closures would affect jobs, and it is aiming to preserve “as many jobs as possible”.<\/p>\n
“We want to be clear, however, that the plan may result in the closure of some stores and the loss of some roles,” they said.<\/p>\n
“We recognise the impact this uncertainty will have on colleagues, their families and the communities we serve.”<\/p>\n