UK Judge Weighs TG Jones Survival After 150-Store Restructuring Push
Updated
Updated · Bloomberg · Jun 27
UK Judge Weighs TG Jones Survival After 150-Store Restructuring Push
3 articles · Updated · Bloomberg · Jun 27
Summary
Next week’s High Court hearing will decide whether TG Jones survives through a court-backed restructuring or falls into administration, putting the future of a 233-year-old British retail chain at stake.
The decision follows Britain’s wider retail debt crisis and comes after creditors were asked to back a plan centered on steep cost cuts and up to 150 store closures.
More than 80% of landlords for the chain’s top stores, along with the Post Office and some suppliers, supported the proposal, which still needs 75% creditor approval and judicial signoff.
Modella Capital bought the business for £76 million and pledged £35 million to help turn around the loss-making chain, while some small suppliers face losing about half of what they are owed.