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Up to 150 former WH Smith high street stores are to close after the high court approved a swingeing restructure that could affect thousands of jobs.

The retailer, which has 450 stores and employs about 5,000 staff, was bought last year by the private equity firm Modella Capital, which also owns Hobbycraft, and rebranded as TG Jones.

It had warned it could have to call in administrators if the restructuring plan, which involves writing off debts to suppliers and cutting rent for many landlords, was not approved.

View image in fullscreenWH Smith's bookstall at Waterloo Station, Lambeth, London, 1960. Photograph: Heritage Images/Getty ImagesOn Wednesday Alex Willson, the chief executive of TG Jones, said: “We welcome the court’s approval of our restructuring plan. This decision allows us to move ahead with our turnaround strategy.

The plan protects the substantial core of the store estate and makes TG Jones a stronger, more sustainable business. We are incredibly grateful to all the colleagues, partners and stakeholders who engaged constructively throughout the process, and to Modella Capital for its continued financial commitment.

The high court judge Mr Justice Hildyard approved the restructure, despite criticising the short amount of time given for the court to consider the matter.