STRUGGLING retailer Joules is set to fall into administration, it has been announced. It comes as the said it plans to file a notice of intent to appoint administrators. The announcement comes afte…
It comes as the said it plans to file a notice of intent to appoint administrators.The announcement comes after a failure to secure a vital cash injection.
The brand – famous for its posh wellies – said talks over an emergency cash-call with investors including its founder Tom Joule were unsuccessful and have ended. It said it would file a notice of intention to appoint Interpath Advisory as administrators to the firm and its subsidiaries “as soon as reasonably practicable”.
A spokesperson for Joules said: “The board is taking this action to protect the interests of its creditors.” It will suspend trading of its shares on the stock market due to the decision, adding that further announcements will be made “in due course”.It had been struggling in the wake of rising costs and earlier this year Next was in talks to snap up a stake in the brand.Topics
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