Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleHigh street retailer TG Jones, formerly WH Smith, has received High Court approval for a major restructuring plan. The restructuring is expected to result in the closure of approximately 150 stores and impact hundreds of jobs. The proposals, which includes an additional £15 million loan from owners Modella Capital and reduced rates of rent for landlords, aims to save the business from insolvency. Lawyers for TG Jones had warned the court that the company faced an £8 million shortfall this week if the plans were not sanctioned. Tom Smith KC, for TG Jones, said the “working assumption” is that around 150 stores will close as a result of the plans, as landlords who do not wish to accept the reduced rate can choose to terminate the lease.In fullUp to 150 former WH Smith stores threatened by closure after restructuring approvedThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
Why up to 150 former WH Smith stores are being threatened by closure
Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleHigh street retailer TG Jones, formerly WH Smith, has received High Court approval for a major restructuring plan. The restructuring is expected to result in the closure of approximately 150 stores and impact hundreds of jobs. The proposals, which includes an additional £15 million loan from owners Modella Capital and reduced rates of rent for landlords, aims to save the business from insolvency. Lawyers for TG Jones had warned the court that the company faced an £8 million shortfall this week if the plans were not sanctioned. Tom Smith KC, for TG Jones, said the “working assumption” is that around 150 stores will close as a result of the plans, as landlords who do not wish to accept the reduced rate can choose to terminate the lease.In fullUp to 150 former WH Smith stores threatened by closure after restructuring approvedThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
