Major British high street chain faces bailiff threat over unpaid taxes with 'job losses anticipated'

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TG Jones faces the threat of bailiff action over £3.4million in unpaid business rates as the retailer behind hundreds of former WH Smith stores warned it could run out of cash within weeks.Private equity owner Modella acknowledged receiving multiple demand letters and court summonses from local councils in recent weeks over the unpaid bills.The firm warned that local authorities could pursue enforcement action, including seizing goods or filing winding-up petitions, if the arrears are not resolved.Modella also cautioned that TG Jones is expected to exhaust its cash reserves by the end of June unless landlords agree to major rent reductions or extended payment holidays.

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TRENDING Stories Videos Your Say The financial crisis emerged in documents released last week as part of a sweeping restructuring proposal affecting the chain's 450-store estate.Alongside the business rates arrears, TG Jones is carrying a further £4million in debts to suppliers and £8.4million in outstanding tax...

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