Former WH Smith’s small suppliers to lose at least half of debts in rescue plan
Overview
If TG Jones’s aggressive restructuring is voted through, the charity Help for Heroes and other creditors will be out of pocket
Small suppliers including the charity Help for Heroes are to lose at least half the money owed to them by the former WH Smith high street chain if a planned restructure is voted through this week.
Details
The books to paperclips retailer, which has 450 stores, was bought by the private equity firm Modella Capital last year and rebranded TG Jones. It has said it is likely that it will have to call in administrators if creditors, including shop landlords, do not approve an amended restructuring plan, seen by the Guardian, designed to cut costs in a vote on Wednesday.
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Originally published at www.theguardian.com.