<p>大量前 WH Smith 商店面臨在一項激進重組計劃下關閉的威脅，該計劃旨在防止企業破產。</p>
<p>WH Smith 重新品牌的高街業務的所有者預計將在週三提出一項激進的救助提案，旨在大幅削減以虛構名稱 TG Jones 經營的數百家商店的租金。</p>
<p>投資公司 Modella Capital 正在尋求大幅削減成本，因為交易急劇下降，管理層將其歸咎於其前母公司和財政大臣 Rachel Reeves。</p>
<p>在最後一搏求生的努力中，房東將被告知接受長期的租金假期和大幅租金削減，否則將面臨企業破產。</p>
<p>然而，Modella 的顧問 Teneo 已準備好應對一些房東抵制該計劃的可能性，這增加了大規模關閉和失業的可能性，因為一些房東考慮要求收回他們的商店鑰匙。</p>
<p>TG Jones 僱傭了 5000 名員工。</p>
<p>“會有一些房東想要收回，因為他們會説：‘我不想要零租金，我想要其他人的租金，即使是五英鎊對零英鎊，’” 一位接近討論的消息人士表示。</p>
<p>根據提案，八家 TG Jones 商店將立即關閉。超過 100 家商店將面臨租金假期，這意味着房東將完全沒有租金收入。該協議將持續三年。</p>
<p>一旦計劃獲得批准，商店所有者將獲得一個滾動的解約條款，允許他們提前八週通知要求收回鑰匙。Modella 也可以選擇在交易持續惡化的情況下終止租約。</p>
<p>該公司還將要求對另外幾百家商店的租金進行削減，總共涉及 450 家商店。</p>
<p>計劃的實施需要三分之四的債權人和房東的批准。</p>
<p>然而，如果未達到門檻，高等法院法官有權強制執行該交易，前提是 Modella 能證明唯一的替代方案是將企業置於管理之下。</p>
<p>它還必須證明，在這種情況下，債權人將處於更糟糕的境地。</p>
<p>法院對峙定於六月底進行。</p>
<p>“大多數將面臨租金削減，” 另一位參與談判的消息人士表示。</p>
<p>一些房東可能不願意向 Modella 讓步，因為 TG Jones 是其在短短一年內擁有的第三個陷入嚴重財務困境的高街連鎖店。</p>
<p>試圖扭轉 The Original Factory Shop 和 Claire’s Accessories 的局面以失敗告終，這兩家公司在年初被置於管理之下，就在 Modella 接管幾個月後。</p>
<p>由於這兩家企業，近 2500 人失去了工作。</p>
<p>Modella 將試圖説服 TG Jones 的債權人和房東支持該計劃，並承諾向企業注入 1500 萬英鎊的現金，最近幾周已提供了 1000 萬英鎊的流動資金。</p>
<p>它還在籌備 4000 萬至 5000 萬英鎊的新債務融資。</p>
<p>投資公司 Aurelius 正在取代 Secure Trust Bank 成為 TG Jones 的主要貸款方。該新安排最早由天空新聞報道。</p>
<p>Aurelius 因在 2024 年 2 月撤回對 Body Shop 的支持而受到廣泛批評，僅在收購該業務三個月後。</p>
<p>儘管 Modella 內部人士聲稱 TG Jones 的問題部分源於其前所有者長期缺乏投資，但 WH Smith 可能介入提供緊急資金的建議被認為是錯誤的。</p>
<p>接近 WH Smith 的消息人士表示，它沒有提供財務支持的前景。</p>
<p>私下裏，Modella 高管承認，該公司低估了在收購條款下無法保留 WH Smith 名稱對商店的影響。尚未重新品牌為 TG Jones 的商店銷售情況好於已重新品牌的商店。</p>
<p>與此同時，僱主國民保險繳款和國家生活工資的增加被認為增加了數百萬英鎊的開支。</p>
<p>Modella 試圖通過在商店翻新上花錢來改善業務的前景。總共有 14 家商店獲得了新的資金。</p>

SMWH

<p>WH Smith 重新品牌的商店現在以 TG Jones 的名義運營，由於銷售下滑，面臨因重組計劃而可能關閉的風險，該計劃旨在降低成本。投資公司 Modella Capital 提議對房東進行大幅減租和長期免租，以避免破產。八家商店將立即關閉，另外超過 100 家商店面臨免租期。該計劃需要獲得四分之三的債權人和房東的批准，法院聽證會定於六月舉行。Modella 因與其他品牌的財務問題而受到批評，並尋求 1500 萬英鎊的現金注入以穩定 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 商店面臨在一項激進重組計劃下關閉的威脅，該計劃旨在防止企業破產。</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 重新品牌的高街業務的所有者預計將在週三提出一項激進的救助提案，旨在大幅削減以虛構名稱 TG Jones 經營的數百家商店的租金。</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>投資公司 Modella Capital 正在尋求大幅削減成本，因為交易急劇下降，管理層將其歸咎於其前母公司和財政大臣 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>在最後一搏求生的努力中，房東將被告知接受長期的租金假期和大幅租金削減，否則將面臨企業破產。</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 的顧問 Teneo 已準備好應對一些房東抵制該計劃的可能性，這增加了大規模關閉和失業的可能性，因為一些房東考慮要求收回他們的商店鑰匙。</p>
</div><p>TG Jones employs 5,000 people.</p>
<div class="lb-trans"><p>TG Jones 僱傭了 5000 名員工。</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>“會有一些房東想要收回，因為他們會説：‘我不想要零租金，我想要其他人的租金，即使是五英鎊對零英鎊，’” 一位接近討論的消息人士表示。</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>根據提案，八家 TG Jones 商店將立即關閉。超過 100 家商店將面臨租金假期，這意味着房東將完全沒有租金收入。該協議將持續三年。</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>一旦計劃獲得批准，商店所有者將獲得一個滾動的解約條款，允許他們提前八週通知要求收回鑰匙。Modella 也可以選擇在交易持續惡化的情況下終止租約。</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>該公司還將要求對另外幾百家商店的租金進行削減，總共涉及 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>計劃的實施需要三分之四的債權人和房東的批准。</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，如果未達到門檻，高等法院法官有權強制執行該交易，前提是 Modella 能證明唯一的替代方案是將企業置於管理之下。</p>
</div><p>It must also demonstrate that creditors will be worse off under such an outcome.</p>
<div class="lb-trans"><p>它還必須證明，在這種情況下，債權人將處於更糟糕的境地。</p>
</div><p>A court showdown is scheduled for the end of June.</p>
<div class="lb-trans"><p>法院對峙定於六月底進行。</p>
</div><p>“Most will face rent cuts,” another source involved in the negotiations said.</p>
<div class="lb-trans"><p>“大多數將面臨租金削減，” 另一位參與談判的消息人士表示。</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>一些房東可能不願意向 Modella 讓步，因為 TG Jones 是其在短短一年內擁有的第三個陷入嚴重財務困境的高街連鎖店。</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>試圖扭轉 The Original Factory Shop 和 Claire’s Accessories 的局面以失敗告終，這兩家公司在年初被置於管理之下，就在 Modella 接管幾個月後。</p>
</div><p>Nearly 2,500 people across the two businesses lost their jobs as a result.</p>
<div class="lb-trans"><p>由於這兩家企業，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 將試圖説服 TG Jones 的債權人和房東支持該計劃，並承諾向企業注入 1500 萬英鎊的現金，最近幾周已提供了 1000 萬英鎊的流動資金。</p>
</div><p>It is also lining up fresh debt facilities of between £40m and £50m.</p>
<div class="lb-trans"><p>它還在籌備 4000 萬至 5000 萬英鎊的新債務融資。</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>投資公司 Aurelius 正在取代 Secure Trust Bank 成為 TG Jones 的主要貸款方。該新安排最早由天空新聞報道。</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 月撤回對 Body Shop 的支持而受到廣泛批評，僅在收購該業務三個月後。</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>儘管 Modella 內部人士聲稱 TG Jones 的問題部分源於其前所有者長期缺乏投資，但 WH Smith 可能介入提供緊急資金的建議被認為是錯誤的。</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，它沒有提供財務支持的前景。</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>私下裏，Modella 高管承認，該公司低估了在收購條款下無法保留 WH Smith 名稱對商店的影響。尚未重新品牌為 TG Jones 的商店銷售情況好於已重新品牌的商店。</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>與此同時，僱主國民保險繳款和國家生活工資的增加被認為增加了數百萬英鎊的開支。</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 試圖通過在商店翻新上花錢來改善業務的前景。總共有 14 家商店獲得了新的資金。</p>
</div>

重新品牌的 WH Smith 商店面臨關閉風險，這對高街是一個打擊