If TG Jones’s aggressive restructuring is voted through, small ‘non-core’ creditors such greeting card firms will will be worst off
Small suppliers 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.
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 votes on Wednesday and Thursday.
