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High Street Chain Could Enter Administration in Weeks but Decision Not Taken Lightly
Modella Capital’s plan includes £35 million in funding and could close up to 150 stores if creditors and the High Court approve it.
- Retail group Jones faces financial collapse by July 31 if lenders do not approve a major restructuring proposal, potentially placing the business into administration.
- Modella Capital has proposed a turnaround plan involving an injection of £35 million into the business, which includes the potential closure of up to 150 stores.
- Jones cited the "forced name change from WHSmith" for hurting brand awareness, alongside rising operational costs and a shift in consumer behavior toward online purchasing.
- The firm is considering a "cram-down" legal mechanism to push the restructuring through High Court, with a hearing scheduled for June 29 to review the plan.
- Eight store closures have already occurred, and the company warned that additional locations remain at risk if the restructuring plan does not proceed as intended.
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Coverage Details
Total News Sources12
Leaning Left1Leaning Right0Center11Last UpdatedBias Distribution92% Center
Bias Distribution
- 92% of the sources are Center
92% Center
C 92%
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