TG Jones’ lenders have been warned that the retailer faces being put into administration by the end of July if they do not approve restructuring plans to close up to 150 shops. Modella Capital, the owner of the chain that was formerly WH Smiths high street shops, has laid out its turnaround plan to the company’s creditors. Its proposals involve Modella injecting some £35 million worth of funding into the business while also slimming down the chain, following eight stores being shut down earlier this week. It intends to close up to 150 shops as part of the restructuring and said there could be job losses as a result. It is understood that the proposals say the business would face being put into administration if the plan is not in place by July 31. The restructuring plan must win the vote of creditors and also get approved at a High Court hearing set for June 29, after which it would take effect.…