Major British high street brand on the brink of administration amid 150 store closure threat

GB News - News

source • 1 mention

Major British high street brand on the brink of administration amid 150 store closure threat.

Supported by 1 story

TG Jones could be pushed into administration before the end of July if creditors reject a proposed rescue package that may lead to up to 150 store closures.

Supported by 1 story

The high‑street chain, formerly known as WHSmith, has warned lenders that the 234‑year‑old business faces collapse unless restructuring measures are approved and implemented by July 31.Private equity owner Modella Capital, which bought WHSmith's high‑street division last year for £40million, has proposed injecting around £35million in fresh funding to stabilise the retailer.The plan would involve permanently shutting as many as 150 stores as the company attempts to stem mounting losses after a difficult year for the retail sector.

Supported by 1 story

TRENDING Stories Videos Your Say Creditors must approve the proposal, which will also be examined at a High Court hearing on June 29.TG Jones said subdued consumer spending, ongoing cost‑of‑living pressures and rising operational costs linked to Labour policy had left the business trading at a loss.The...

Supported by 1 story