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Story summary
- High Court judge Mr Justice Hildyard cleared Modella Capital’s TG Jones rescue plan, deeming it the lesser of two evils.
- The plan could shutter 150 outlets, leave 302 stores operating, and offers three-year rent waivers to 120 landlords while cutting rents 15%-75% for hundreds of other leases.
- TG Jones, with 4,700 staff in 451 stores, avoided insolvency after a £10 million Modella loan and tax deferrals offset an £8 million cash shortfall.
