Court approves TG Jones restructuring plan to close up to 150 stores

• High court approves TG Jones restructuring, which may see the company’s closure of up to 150 stores.
• The plan includes a list of stores to be closed as part of the company’s restructuring, including stores with leases that are due to expire.
• Modella Capital has provided additional financing, with the company having secured a loan of £8 million.

The High Court has approved TG Jones’s restructuring plan for its merger stores, which it has been implementing as part of a business with WH Smith on its high-street locations. The court heard that the company is expected to close up to 150 stores by the end of the third quarter.

The company, owned by Modella Capital, said that it had secured the restructuring plan for TG Jones’s brand. The company’s restructuring plan will see 451 stores close out of 4,700 employees, mainly in the UK.

The plan includes a list of stores to be closed and changed lease terms for some stores. Based on the restructuring materials, the company’s credit agreements may be extended by up to three years, and for some stores, lease terms may be reduced by 15%–25%.

The materials also state that the company plans to restructure its debt by refinancing it over a two-day period. The company said that it expects to pay off the debt in full.

In the statement presented by the companies, TG Jones said that the restructuring plan is expected to be completed by the end of this year, and that the company will receive up to £15 million from Modella Capital, with £10 million to be paid immediately.

Director of TG Jones, Alex Wilson, said the court’s decision will help the business continue to operate. He added that the WH Smith travel-magazine stores will be transported, and that the company will not be able to continue to operate in the future.

Tags: Economy/Crime/Europe