A London judge on Wednesday approved Modella Capital’s restructuring plan for TG Jones, the former WHSmith high‑street arm of the 234‑year‑old chain. The proposal orders the closure of up to 150 of TG Jones’s 480 stores and forces landlords to accept sharply reduced rents on the remaining sites. Approval sidesteps a looming administration filing that Modella warned could hit the business next month.

Modella bought the business for an initial £10 mn last year, promising to turn it into a high‑street hub. Instead, it admitted the operation was “almost completely broken,” blaming years of under‑investment and a forced rebrand that depressed sales. Landlords, including British Land, initially objected to rent cuts but withdrew after concessions such as a one‑year deferral.

The plan also secures support from partners such as the Post Office and Toys R Us, which run concessions. By trimming the footprint and renegotiating landlord terms, TG Jones hopes to stabilise cash flow and protect remaining jobs. Analysts see court’s nod as a bellwether for distressed UK retailers, indicating landlords may favour occupancy over headline yields. Decision gives retailer a chance to restructure rather than collapse.