TG Jones could fall into administration by the end of July if restructuring plans involving the closure of 150 stores are not approved, its lenders have been warned.
On Wednesday, Modella Capital – the new private-equity owners of the rebranded WH Smith shops – outlined their plan to rescue the ailing business to the company’s creditors.
The proposals include Modella injecting £35million worth of funding into the business while slimming down the chain, with up to 150 of its 480 stores set to shut and staff to be made redundant.
The plans also include landlords of the stores accepting long-term rent holidays or
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