<p>大量前 WH Smith 商店面临在一项激进重组计划下关闭的威胁，该计划旨在防止企业破产。</p>
<p>WH Smith 重新品牌的高街业务的所有者预计将在周三提出一项激进的救助提案，旨在大幅削减以虚构名称 TG Jones 经营的数百家商店的租金。</p>
<p>投资公司 Modella Capital 正在寻求大幅削减成本，因为交易急剧下降，管理层将其归咎于其前母公司和财政大臣 Rachel Reeves。</p>
<p>在最后一搏求生的努力中，房东将被告知接受长期的租金假期和大幅租金削减，否则将面临企业破产。</p>
<p>然而，Modella 的顾问 Teneo 已准备好应对一些房东抵制该计划的可能性，这增加了大规模关闭和失业的可能性，因为一些房东考虑要求收回他们的商店钥匙。</p>
<p>TG Jones 雇佣了 5000 名员工。</p>
<p>“会有一些房东想要收回，因为他们会说：‘我不想要零租金，我想要其他人的租金，即使是五英镑对零英镑，’” 一位接近讨论的消息人士表示。</p>
<p>根据提案，八家 TG Jones 商店将立即关闭。超过 100 家商店将面临租金假期，这意味着房东将完全没有租金收入。该协议将持续三年。</p>
<p>一旦计划获得批准，商店所有者将获得一个滚动的解约条款，允许他们提前八周通知要求收回钥匙。Modella 也可以选择在交易持续恶化的情况下终止租约。</p>
<p>该公司还将要求对另外几百家商店的租金进行削减，总共涉及 450 家商店。</p>
<p>计划的实施需要三分之四的债权人和房东的批准。</p>
<p>然而，如果未达到门槛，高等法院法官有权强制执行该交易，前提是 Modella 能证明唯一的替代方案是将企业置于管理之下。</p>
<p>它还必须证明，在这种情况下，债权人将处于更糟糕的境地。</p>
<p>法院对峙定于六月底进行。</p>
<p>“大多数将面临租金削减，” 另一位参与谈判的消息人士表示。</p>
<p>一些房东可能不愿意向 Modella 让步，因为 TG Jones 是其在短短一年内拥有的第三个陷入严重财务困境的高街连锁店。</p>
<p>试图扭转 The Original Factory Shop 和 Claire’s Accessories 的局面以失败告终，这两家公司在年初被置于管理之下，就在 Modella 接管几个月后。</p>
<p>由于这两家企业，近 2500 人失去了工作。</p>
<p>Modella 将试图说服 TG Jones 的债权人和房东支持该计划，并承诺向企业注入 1500 万英镑的现金，最近几周已提供了 1000 万英镑的流动资金。</p>
<p>它还在筹备 4000 万至 5000 万英镑的新债务融资。</p>
<p>投资公司 Aurelius 正在取代 Secure Trust Bank 成为 TG Jones 的主要贷款方。该新安排最早由天空新闻报道。</p>
<p>Aurelius 因在 2024 年 2 月撤回对 Body Shop 的支持而受到广泛批评，仅在收购该业务三个月后。</p>
<p>尽管 Modella 内部人士声称 TG Jones 的问题部分源于其前所有者长期缺乏投资，但 WH Smith 可能介入提供紧急资金的建议被认为是错误的。</p>
<p>接近 WH Smith 的消息人士表示，它没有提供财务支持的前景。</p>
<p>私下里，Modella 高管承认，该公司低估了在收购条款下无法保留 WH Smith 名称对商店的影响。尚未重新品牌为 TG Jones 的商店销售情况好于已重新品牌的商店。</p>
<p>与此同时，雇主国民保险缴款和国家生活工资的增加被认为增加了数百万英镑的开支。</p>
<p>Modella 试图通过在商店翻新上花钱来改善业务的前景。总共有 14 家商店获得了新的资金。</p>

SMWH

<p>WH Smith 重新品牌的商店现在以 TG Jones 的名义运营，由于销售下滑，面临因重组计划而可能关闭的风险，该计划旨在降低成本。投资公司 Modella Capital 提议对房东进行大幅减租和长期免租，以避免破产。八家商店将立即关闭，另外超过 100 家商店面临免租期。该计划需要获得四分之三的债权人和房东的批准，法院听证会定于六月举行。Modella 因与其他品牌的财务问题而受到批评，并寻求 1500 万英镑的现金注入以稳定 TG Jones</p>

<p>Swathes of former WH Smith shops are facing the threat of closure under a drastic restructuring plan to prevent the business from going bust.</p>
<div class="lb-trans"><p>大量前 WH Smith 商店面临在一项激进重组计划下关闭的威胁，该计划旨在防止企业破产。</p>
</div><p>The owners of WH Smith’s rebranded high street arm were on expected to table a radical rescue proposal on Wednesday designed to slash the rent bill on hundreds of stores trading under the fictional name TG Jones.</p>
<div class="lb-trans"><p>WH Smith 重新品牌的高街业务的所有者预计将在周三提出一项激进的救助提案，旨在大幅削减以虚构名称 TG Jones 经营的数百家商店的租金。</p>
</div><p>Investment firm Modella Capital is seeking to dramatically rein in costs after a sharp decline in trading, which management has laid at the door of both its former parent company and Rachel Reeves, the Chancellor.</p>
<div class="lb-trans"><p>投资公司 Modella Capital 正在寻求大幅削减成本，因为交易急剧下降，管理层将其归咎于其前母公司和财政大臣 Rachel Reeves。</p>
</div><p>Under a last-ditch bid for survival, landlords will be told to accept long-term rent holidays and steep rent cuts or face the business going bankrupt.</p>
<div class="lb-trans"><p>在最后一搏求生的努力中，房东将被告知接受长期的租金假期和大幅租金削减，否则将面临企业破产。</p>
</div><p>However, Modella’s advisers at Teneo are braced for some landlords to resist the plans, raising the possibility of sizeable closures and job losses as some consider demanding the keys back on their stores.</p>
<div class="lb-trans"><p>然而，Modella 的顾问 Teneo 已准备好应对一些房东抵制该计划的可能性，这增加了大规模关闭和失业的可能性，因为一些房东考虑要求收回他们的商店钥匙。</p>
</div><p>TG Jones employs 5,000 people.</p>
<div class="lb-trans"><p>TG Jones 雇佣了 5000 名员工。</p>
</div><p>“There will be some which the landlords want to take back, because they’ll say: ‘Well, I don’t want zero rent, I want rent from somebody else, even if it’s five pounds versus zero pounds,’” a source close to the discussions said.</p>
<div class="lb-trans"><p>“会有一些房东想要收回，因为他们会说：‘我不想要零租金，我想要其他人的租金，即使是五英镑对零英镑，’” 一位接近讨论的消息人士表示。</p>
</div><p>Under the proposal, eight TG Jones stores will close immediately. More than 100 more will face rent holidays, meaning landlords would receive no rental income at all. The agreement would be in place for three years.</p>
<div class="lb-trans"><p>根据提案，八家 TG Jones 商店将立即关闭。超过 100 家商店将面临租金假期，这意味着房东将完全没有租金收入。该协议将持续三年。</p>
</div><p>Once the plan is approved, store owners will be given a rolling break clause allowing them to demand the keys back with eight weeks’ notice. Modella can also choose to end the lease if trading continues to deteriorate.</p>
<div class="lb-trans"><p>一旦计划获得批准，商店所有者将获得一个滚动的解约条款，允许他们提前八周通知要求收回钥匙。Modella 也可以选择在交易持续恶化的情况下终止租约。</p>
</div><p>The firm will also demand rent reductions on several hundred more shops, out of a total estate of 450.</p>
<div class="lb-trans"><p>该公司还将要求对另外几百家商店的租金进行削减，总共涉及 450 家商店。</p>
</div><p>The approval of three quarters of creditors and landlords is required for the plan to be implemented.</p>
<div class="lb-trans"><p>计划的实施需要三分之四的债权人和房东的批准。</p>
</div><p>However, if the threshold isn’t reached, a High Court judge has the power to force through the deal if Modella can prove that the only alternative is to put the business into administration.</p>
<div class="lb-trans"><p>然而，如果未达到门槛，高等法院法官有权强制执行该交易，前提是 Modella 能证明唯一的替代方案是将企业置于管理之下。</p>
</div><p>It must also demonstrate that creditors will be worse off under such an outcome.</p>
<div class="lb-trans"><p>它还必须证明，在这种情况下，债权人将处于更糟糕的境地。</p>
</div><p>A court showdown is scheduled for the end of June.</p>
<div class="lb-trans"><p>法院对峙定于六月底进行。</p>
</div><p>“Most will face rent cuts,” another source involved in the negotiations said.</p>
<div class="lb-trans"><p>“大多数将面临租金削减，” 另一位参与谈判的消息人士表示。</p>
</div><p>Some landlords may be reluctant to grant concessions to Modella because TG Jones is the third high street chain it has owned that has run into serious financial trouble in the space of just a year.</p>
<div class="lb-trans"><p>一些房东可能不愿意向 Modella 让步，因为 TG Jones 是其在短短一年内拥有的第三个陷入严重财务困境的高街连锁店。</p>
</div><p>Attempts to turn around The Original Factory Shop and Claire’s Accessories ended with both businesses being put into administration at the beginning of the year, just months after Modella took them over.</p>
<div class="lb-trans"><p>试图扭转 The Original Factory Shop 和 Claire’s Accessories 的局面以失败告终，这两家公司在年初被置于管理之下，就在 Modella 接管几个月后。</p>
</div><p>Nearly 2,500 people across the two businesses lost their jobs as a result.</p>
<div class="lb-trans"><p>由于这两家企业，近 2500 人失去了工作。</p>
</div><p>Modella will attempt to convince TG Jones’s creditors and landlords to back the plans with the promise of a £15m cash injection into the business, having provided £10m of liquidity in recent weeks.</p>
<div class="lb-trans"><p>Modella 将试图说服 TG Jones 的债权人和房东支持该计划，并承诺向企业注入 1500 万英镑的现金，最近几周已提供了 1000 万英镑的流动资金。</p>
</div><p>It is also lining up fresh debt facilities of between £40m and £50m.</p>
<div class="lb-trans"><p>它还在筹备 4000 万至 5000 万英镑的新债务融资。</p>
</div><p>Investment house Aurelius is replacing Secure Trust Bank as the main lender to TG Jones. The new arrangement was first reported by Sky News.</p>
<div class="lb-trans"><p>投资公司 Aurelius 正在取代 Secure Trust Bank 成为 TG Jones 的主要贷款方。该新安排最早由天空新闻报道。</p>
</div><p>Aurelius faced widespread criticism for pulling the plug on the Body Shop in February 2024, just three months after buying the business.</p>
<div class="lb-trans"><p>Aurelius 因在 2024 年 2 月撤回对 Body Shop 的支持而受到广泛批评，仅在收购该业务三个月后。</p>
</div><p>Suggestions that WH Smith could step in with emergency funding are understood to be wide of the mark despite claims from Modella insiders that TG Jones’s problems stem partly from a chronic lack of investment under its previous owners.</p>
<div class="lb-trans"><p>尽管 Modella 内部人士声称 TG Jones 的问题部分源于其前所有者长期缺乏投资，但 WH Smith 可能介入提供紧急资金的建议被认为是错误的。</p>
</div><p>Sources close to WH Smith say there is no prospect of it providing financial support.</p>
<div class="lb-trans"><p>接近 WH Smith 的消息人士表示，它没有提供财务支持的前景。</p>
</div><p>Privately, Modella executives concede that the firm underestimated the impact of being unable to retain the WH Smith name above the shops under the terms of its takeover. Sales at shops yet to be rebranded as TG Jones have held up better than at rebranded stores.</p>
<div class="lb-trans"><p>私下里，Modella 高管承认，该公司低估了在收购条款下无法保留 WH Smith 名称对商店的影响。尚未重新品牌为 TG Jones 的商店销售情况好于已重新品牌的商店。</p>
</div><p>Meanwhile, increases to employer National Insurance contributions and the National Living Wage are thought to have added several million pounds to overheads.</p>
<div class="lb-trans"><p>与此同时，雇主国民保险缴款和国家生活工资的增加被认为增加了数百万英镑的开支。</p>
</div><p>Modella has attempted to improve the business’s fortunes by spending money on shop refits. A total of 14 stores have received fresh capital.</p>
<div class="lb-trans"><p>Modella 试图通过在商店翻新上花钱来改善业务的前景。总共有 14 家商店获得了新的资金。</p>
</div>

重新品牌的 WH Smith 商店面临关闭风险，这对高街是一个打击