Ailing high‑street retailer TG Jones Retail Holdings secured a high‑court green light for a sweeping restructure that will shut up to 150 stores. The decision follows the acquisition by private‑equity firm Modella Capital last year, which also owns Hobbycraft. The move aims to avert insolvency and protect the core estate.

The plan writes off debts owed to suppliers and trims rent for many landlords. More than 80% of owners of TG Jones’s flagship sites voted in favor, yet most other landlord classes, who face steep rent reductions, opposed. Creditors approved the scheme only after a 75% threshold from a single class and a judge’s endorsement.

The restructuring will leave roughly 5,000 staff in a workforce of 450 stores, with around 150 closures. Business‑rate creditors, mainly local councils, backed the plan at 72%, while less than a third of general creditors, including card makers and toy manufacturers, supported it. Suppliers such as card and toy makers will see at least a 50% loss on amounts owed.

With the court’s approval, TG Jones can now proceed with its turnaround strategy, preserving the core estate while trimming excess rent and debt. The move signals a cautious path forward for a high‑street chain battling declining footfall. The company’s future hinges on executing the plan and stabilizing its financial footing.