Joules falls into administration, risking 1,600 jobs
Clothing company Joules has collapsed into administration, putting 1,600 jobs at risk, after failing to secure emergency investment.
Administrators will seek a buyer for the Leicestershire-based company, which has 132 stores across the UK.
Will Wright, Administrator for Interpath Advisory, said: “Over the coming weeks, we will endeavour to continue to operate all stores as a going concern during this vitally important Christmas trading period while we assess options for the group, including a possible sale,” adding that there had already been “an overwhelming amount of interest.”
“At this stage, we are optimistic that we will be able to secure a future for this great British brand,” he said.
Joules announced last week that its recent sales had been weaker than anticipated. Many retailers have been suffering as consumers cut spending amid the cost of living crisis.
Online furniture retailer Made.com met a similar fate last week, resulting in hundreds of job losses. High street giant Next bought Made’s brand name, website and intellectual property.