A major fashion retailer is set to fall into administration putting around 1600 jobs at risk.
Joules revealed it is set to appoint administrators following a failure to secure a vital cash injection.
The brand, which is famous for its posh welly boots, was engaged in talks over an emergency cash call with investors, including its founder Tom Joule.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”.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”.
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