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Sarah Butler<\/p>\nKey TG Jones landlords back restructuring plan, though some creditors oppose itSarah Butler<\/p>\n
The owner of WH Smith\u2019s former high street business \u2013 TG Jones \u2013 will next week seek court approval for a stringent restructuring plan involving the closure of up to 150 stores after major landlords, the Post Office and some suppliers backed the plan.<\/p>\n
More than 80% of landlords controlling TG Jones\u2019 top stores voted to support the deal this week, according to documents seen by The Guardian with the majority other classes of landlords, who will face swingeing rental cuts under the plan, voting against it.<\/p>\n
Several different classes of creditor voted over two days this week on the restructure but the plan requires approval \u2013 judged as backing from 75% or more \u2013 from just one class of creditor and from a high court judge to go ahead.<\/p>\n
Only 72% of business rates creditors \u2013 mostly local councils \u2013 backed the plan and less than a third of general creditors, who include card makers, pen brands, gave it the thumbs up. No landlords owning unwanted stores where rent will be cut to zero or closed backed the plan.<\/p>\n
Small suppliers are to lose at least half the money owed to them by the former WH Smith<\/a> high street chain if a High Court judge approves the restructure next week. There will be two hearings related to the two companies which make up TG Jones which are being restructured \u2013 one on Monday and one on Tuesday.<\/p>\n The books to paperclips retailer, which has 450 stores, was bought by the private equity firm Modella Capital last year and rebranded TG Jones.<\/p>\n The company has said it is likely that it will have to call in administrators if its restructuring plan is not approved.<\/p>\n Dozens of \u201cexit contract\u201d suppliers, which TG Jones does not wish to work with in future, including toy makers and greetings card companies, are expected to have debts owed to them by the retailer wiped out if the proposal is approved.<\/p>\n They would retain the right to a share of any profits over a certain level from the retailer \u2013 which is now loss-making \u2013 in three years\u2019 time.<\/p>\n Share<\/a><\/p>\n Key events<\/p>\n Closing post<\/p>\n And finally, the UK\u2019s FTSE<\/a> 100 index has ended the day slightly lower.<\/p>\n The index of blue-chip shares finished the day down 0.21% at 10,508 points, slightly below last night\u2019s two-month closing high.<\/p>\n Precious metals miner Endeavour (+2.9%) finished as the top riser, while specialist chemicals maker Croda (-4.9%) was the leading faller.<\/p>\n That\u2019s all for this week \u2013 here\u2019s today\u2019s main stories.<\/p>\n Share<\/a>Oil lower than at start of Iran war<\/p>\n The oil price has hit a fresh four-month low, as it drops below its level before the start of the Iran war.<\/p>\n Brent crude has fallen around 5% to as low as $71.52 a barrel, the lowest since 27 February \u2013 the day before the conflict began.<\/p>\n Some economists are suggesting that the reopening of the strait of Hormuz could lead to a supply glut (even though many governments need to restock their emergency reserves).<\/p>\n Capital Economics say:<\/p>\n double quotation markTraffic through the Strait of Hormuz is picking up but, so far, there are more vessels leaving the Gulf than entering it. Alongside possible technical issues with restarting energy facilities, the recovery in hydrocarbon output over the rest of this year is likely to be bumpy.<\/p>\n Further ahead, energy production in the Gulf looks set to be ramped up, which will lift GDP but result in a return to glut-like conditions global energy markets.<\/p>\n Oil prices will fall further in 2027-28, limiting the scope for the likes of Saudi Arabia and Bahrain to provide fiscal support to support the recoveries in their non-oil economies.<\/p>\n Share<\/a><\/p>\n Updated at\u00a011.27 EDT<\/p>\n After some pessimistic months, US consumer confidence has picked up in June.<\/p>\n The University of Michigan\u2019s index of consumer sentiment has risen to 49.5 this month, up from May\u2019s 44.8, as easing gasoline prices cheered Americans.<\/p>\n Surveys of Consumers director Joanne Hsu explains:<\/p>\n double quotation mark\ufeffConsumer sentiment confirmed its early-month reading, rising about 10% above May as gas prices moderated.<\/p>\n Increases were seen across income, wealth, and political affiliation. Expected business conditions over the next five years surged 16% as consumers\u2019 worries over long-term consequences of the Iran conflict appear to be easing.<\/p>\n Still, sentiment remains in unfavorable territory at 13% below the February 2026 reading prior to the start of the Iran conflict, and nearly 20% less than a year ago. The cost of living remains at the forefront of consumers\u2019 minds; for the third straight month, over half of consumers spontaneously mentioned that high prices are weighing down their personal finances.<\/p>\n Share<\/a><\/p>\n Back in the Middle East, a total of about 115 vessels and 2,500 seafarers have been evacuated from the Strait of Hormuz since Tuesday, the head of the UN maritime body has said.<\/p>\n International Maritime Organization secretary-general Arsenio Dominguez gave the update after the IMO on Thursday suspended its efforts to evacuate some 600 ships and 11,000 sailors, following an attack on a vessel in the Gulf of Oman.<\/p>\n Dominguez told an online press conference that \u201c115 (vessels) have evacuated in the last three and a half days, representing around 2,500 seafarers that have now safely left the Strait of Hormuz\u201d, the AFP newswire reports.<\/p>\n Share<\/a>Key TG Jones landlords back restructuring plan, though some creditors oppose it The owner of WH Smith\u2019s former high street business \u2013 TG Jones \u2013 will next week seek court approval for a stringent restructuring plan involving the closure of up to 150 stores after major landlords, the Post Office and some suppliers backed the plan.<\/p>\n More than 80% of landlords controlling TG Jones\u2019 top stores voted to support the deal this week, according to documents seen by The Guardian with the majority other classes of landlords, who will face swingeing rental cuts under the plan, voting against it.<\/p>\n Several different classes of creditor voted over two days this week on the restructure but the plan requires approval \u2013 judged as backing from 75% or more \u2013 from just one class of creditor and from a high court judge to go ahead.<\/p>\n Only 72% of business rates creditors \u2013 mostly local councils \u2013 backed the plan and less than a third of general creditors, who include card makers, pen brands, gave it the thumbs up. No landlords owning unwanted stores where rent will be cut to zero or closed backed the plan.<\/p>\n Small suppliers are to lose at least half the money owed to them by the former WH Smith<\/a> high street chain if a High Court judge approves the restructure next week. There will be two hearings related to the two companies which make up TG Jones which are being restructured \u2013 one on Monday and one on Tuesday.<\/p>\n The books to paperclips retailer, which has 450 stores, was bought by the private equity firm Modella Capital last year and rebranded TG Jones.<\/p>\n The company has said it is likely that it will have to call in administrators if its restructuring plan is not approved.<\/p>\n Dozens of \u201cexit contract\u201d suppliers, which TG Jones does not wish to work with in future, including toy makers and greetings card companies, are expected to have debts owed to them by the retailer wiped out if the proposal is approved.<\/p>\n They would retain the right to a share of any profits over a certain level from the retailer \u2013 which is now loss-making \u2013 in three years\u2019 time.<\/p>\n Share<\/a><\/p>\n The UK public are less anxious about inflation, following the easing of tensions in the Middle East.<\/p>\n Expectations for inflation in a year\u2019s time have dropped to 3.8% from 4.7%, nearer to the Bank of England\u2019s 2% target (although still rather higher!).<\/p>\n Inflation expectations in five or more years\u2019 time have fallen to 3.9% this month from 4.0% in May, new data from US bank Citi and pollsters YouGov shows.<\/p>\n Share<\/a><\/p>\n The chip firm sell-off has resumed on Wall Street, as trading begins for the final day this week.<\/p>\n Wall Street\u2019s main indexes have all dropped at the start of trading; the Dow Jones Industrial Average fell 116.9 points, or 0.23%, to 51803.77, while the broader S&P 500 lost 0.6% and the tech-focused Nasdaq is down 1%.<\/p>\n ON Semiconductor Corp (-20%) is leading the slide, with Sandisk down 8.6%, and Nvidia losing 1.8%.<\/p>\n Share<\/a>US trade in goods deficit hits one-year high<\/p>\n Oof! America\u2019s trade deficit with the rest of the world has ballooned, in a sign that Donald Trump\u2019s trade war is not bearing fruit.<\/p>\n The US trade in goods deficit jumped by $22.7bn in May to $105.8bn, new data from the Census Bureau shows, up from $83.0bn.<\/p>\n That\u2019s the highest monthly goods trade deficit since March 2025, when there was a scramble to import stuff before Donald Trump\u2019s Liberation Day tariffs were announced.<\/p>\n The data shows that US goods exports fell by $11.8bn in May, to $207.7bn, including a fall in exports of \u2018foods, feeds, & beverages\u2019 and automobiles.<\/p>\n Imports jumped by $10.9bn to $313.4bn in the month, led by higher shipments of capital goods \u2013 which could include equipment to build America\u2019s AI data-centre rollout.<\/p>\n Share<\/a><\/p>\n Britain\u2019s smaller share index, the FTSE 250, is also dropping today.<\/p>\n The FTSE 250, which contains medium-sized companies, is down just over 1%. AEP Plantations (-6.5%), which produces palm oil and rubber, are the top faller, followed by advertising group WPP (-5.4%).<\/p>\n Share<\/a>Bars and pubs busy in the heatwaveThe Lifeboat pub at the Old Town in Margate, Kent, on Wednesday Photograph: Kriszti\u00e1n Elek\/SOPA Images\/Shutterstock<\/p>\n UK pubs and bars are enjoying a roaring trade in the heatwave, according to data from global payments platform Square.<\/p>\n Square reports that there was a jump in transactions on Monday, Tuesday and Wednesday, compared with a year ago. However, restaurants in London experienced a drop in trade, as some workers decided to stay at home rather than brave the commute.<\/p>\n Tuesday, when the England men\u2019s football team struggled against Ghana\u2019s low block<\/a>, was particularly busy in the pubs.<\/p>\n Square reports:<\/p>\n Bars and pubs saw transactions up 11.7%, the strongest signal across any hospitality category<\/p>\n Restaurants were roughly flat (+1.0%)<\/p>\n London showed a different pattern, as bars and pubs were up just 2.0%, while restaurants were down -4.7%<\/p>\n Tuesday 23 June was the peak day nationally for bars, pubs and restaurants<\/p>\n John O\u2019Beirne, CEO of Square International, says:<\/p>\n double quotation mark\u201cAcross the country, Brits gravitated towards bars and pubs to cool down as temperatures spiked this week. This is in contrast to what we saw in London, where there was a spend shift away from the centre, suggesting people have been seeking out suburban venues and more outdoor spaces to escape the heat of the capital.\u201d<\/p>\nSarah Butler<\/p>\n