Historic British high street chain faces up to 100 store closures as owner prepares restructuring plan

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Historic British high street chain faces up to 100 store closures as owner prepares restructuring plan.

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Stationery store TGJones is facing the potential closure of up to 100 stores as its owner develops a restructuring plan for the business.Private equity firm Modella Capital is preparing proposals that would allow around 400 branches to continue operating, subject to agreements with landlords on reduced rents.The retailer currently runs about 480 shops and employs roughly 5,000 staff.Advisory firm Teneo and legal specialists Slaughter and May have been appointed to support the restructuring process.

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TRENDING Stories Videos Your Say The plan could be implemented using a "cram‑down" mechanism, which allows approval with the backing of a single class of creditors.TGJones is expected to seek approval from the High Court, with the company warning administration would be the only alternative if the restructuring does not proceed.The move comes as a 12‑month moratorium on store closures and restructuring, agreed when Modella acquired the business, approaches its end.Much of the transition...

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