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The Independent UK
The Independent UK
National
Danny Halpin and Henry Saker-Clark

Why up to 150 former WH Smith stores are being threatened by closure

WH Smith TG Jones (Organization)
  • High street retailer TG Jones, formerly WH Smith , has received High Court approval for a major restructuring plan.
  • The restructuring is expected to result in the closure of approximately 150 stores and impact hundreds of jobs.
  • The proposals, which includes an additional £15 million loan from owners Modella Capital and reduced rates of rent for landlords, aims to save the business from insolvency.
  • Lawyers for TG Jones had warned the court that the company faced an £8 million shortfall this week if the plans were not sanctioned.
  • Tom Smith KC, for TG Jones, said the “working assumption” is that around 150 stores will close as a result of the plans, as landlords who do not wish to accept the reduced rate can choose to terminate the lease.

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Up to 150 former WH Smith stores threatened by closure after restructuring approved

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