Up to 150 former WH Smith stores to close as high court approves restructure
Summary
Up to 150 former WH Smith stores will close after a court approved a plan to restructure the business. The company, now called TG Jones and owned by Modella Capital, will reduce debts and cut rents to survive financially.Key Facts
- TG Jones owns 450 stores and has about 5,000 employees.
- The company was bought by Modella Capital last year and rebranded from WH Smith.
- The restructure plan includes writing off debts to suppliers and reducing rent for landlords.
- More than 80% of landlords controlling top stores supported the plan; many others, especially those with unwanted stores, opposed it.
- Small suppliers like card and toy makers will lose at least half the money owed to them.
- The plan needed approval from a court judge and at least one class of creditors with 75% support.
- Only 72% of business rates creditors and less than one-third of general creditors approved the plan.
- The restructure aims to make TG Jones a stronger and more sustainable company.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.