UK retailer TG Jones, formerly the high-street business of WH Smith, wins High Court approval for a restructuring plan that could lead to the closure of up to 150 stores. The company, which has around 450 stores and employs about 5,000 people, is attempting to avoid insolvency following its takeover and rebrand by private equity firm Modella Capital, which also owns Hobbycraft. Reporting across outlets says the plan includes measures to reduce pressure on creditors and landlords, including proposals to write off debts owed to suppliers and to cut or holiday rents for many landlords. Several stories describe negotiations with creditors and landlords as a decisive factor, with the company warning that it could collapse if the rescue terms are not accepted. Other coverage also points to local enforcement activity at some locations and mentions supplier and landlord financial pressures associated with the restructuring process. Separate headlines focus on potential job losses linked to store closures and on concerns that the rebrand and restructuring could affect parts of the high street supply chain. The court-approved plan therefore determines the near-term fate of a substantial number of stores and staff as TG Jones moves to implement the restructuring.
TG Jones wins court approval to close up to 150 former WH Smith stores
UK retailer TG Jones, formerly the high-street business of WH Smith, wins High Court approval for a restructuring plan that could lead to the closure of up to 150 stores. The company, which has around...
- The High Court approves TG Jones’ restructuring plan.
- The plan allows closure of up to 150 former WH Smith stores.
- TG Jones has about 450 stores and employs roughly 5,000 people.
- The restructuring includes changes involving supplier debts and rent/landlord terms, such as write-offs and rent reductions or holidays.
- Some outlets report the company warns it may collapse if creditors or terms are not accepted.
Last week, it was reported that up to 150 former WHSmith stores were set to shut, while rent cuts would apply to most of its remaining sites, as its owner Modella Capital won approval for a major restructuring of its estate.
1 month agoMajor high street retailer to close 150 stores after restructuring plan approved GB NewsUp to 150 ex-WHSmith High Street stores to close as rescue deal approved BBCTG Jones wins court approval to close up to 150 stores Financial TimesFormer WH Smith stores on the brink of insolvency The TelegraphUp to 150 TG Jones stores to close after restructure plan approved The Bookseller
1 month agoMystery surronds future of city store as major High Street chain reveals 150 closures The Worcester NewsUp to 150 ex-WHSmith High Street stores to close as rescue deal approved BBCSuffolk stores at risk as major retailer plans hundreds of closures Ipswich StarUp to 150 TG Jones stores to close after restructure plan approved The BooksellerUp to 150 former WH Smith stores to close as high court approves restructure The Guardian
1 month agoUp to 150 TG Jones stores risk closure after shake-up plans approved The MirrorUp to 150 ex-WHSmith High Street stores to close as rescue deal approved BBCSuffolk stores at risk as major retailer plans hundreds of closures Ipswich StarUp to 150 TG Jones stores to close after restructure plan approved The BooksellerMajor high street retailer is at risk of collapse putting jobs at risk Oxford Mail
1 month agoMajor high street retail chain to close 150 UK stores as part of 'restructuring' plan The HeraldUp to 150 ex-WHSmith High Street stores to close as rescue deal approved BBCSuffolk stores at risk as major retailer plans hundreds of closures Ipswich StarUp to 150 TG Jones stores to close after restructure plan approved The BooksellerUp to 150 former WH Smith stores to close as high court approves restructure The Guardian
1 month agoDozens of former WH Smith stores to close in fresh blow for high street The TelegraphUp to 150 ex-WHSmith High Street stores to close as rescue deal approved BBCSuffolk stores at risk as major retailer plans hundreds of closures Ipswich StarUp to 150 TG Jones stores to close after restructure plan approved The BooksellerMajor high street retailer is at risk of collapse putting jobs at risk Oxford Mail
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