Overview
- TG Jones, owned by Modella Capital, launched a formal Restructuring Plan on Wednesday to stem losses and keep the rebranded WHSmith chain trading.
- Internal memos and multiple reports indicate between about 100 and 150 potential store closures, with eight sites shutting immediately.
- The proposal seeks three-year rent holidays for roughly 100 shops and steep reductions on hundreds more, using a court mechanism to impose terms if creditors refuse.
- A High Court hearing expected at the end of June could approve the plan if judges accept that landlords would be worse off in an administration.
- The shake-up puts hundreds of roles across a 5,000-strong workforce at risk and could cut in-store Post Office services, with Ipswich set to close on June 6.