Clothing chain store Joules in Perth city centre has survived a glut of shop closures after the company was rescued from administration.
The £34m deal from retail giant Next was agreed with founder Tom Joule, saving 1450 jobs.
However, 22 stores have been closed with immediate effect with the loss of 133 posts as a result.
Luckily, in a boost for the Fair City high street, the St John Street outlet will be among the 110 other stores to remain open.
Joules, known for its premium, brightly-coloured clothes, collapsed into administration last month after failing to secure emergency investment.
Like other retailers, the Leicestershire-based firm has struggled against a backdrop of the coronavirus pandemic and cost-of-living pressures.
Under the terms of the deal, Next will take a 74 per cent stake in the business, with Tom Joule owning the rest.
Next has also paid £7m to buy the current Joules head office.
Next will continue to operate the Joules website but will also sell Joules-branded clothing through its own e-commerce platform from 2024.
A statement on the Joules website reads: “We’ve sadly had to close 22 stores, but you can still shop Joules at any of our remaining 110 stores.
“We’re sorry if this includes your local store or causes any inconvenience.”
They added: “Joules has been bought out of administration by a joint venture between Tom Joule and NEXT Plc, via a new company.
“Joules continues to operate as usual through stores, concessions and online.”
The chief executive of Next, Lord Wolfson, said: “We are excited to see what can be achieved through the combination of Joules’ exceptional product, marketing and brand building skills with Next’s Total Platform infrastructure.”
Tom Joule, who founded Joules in 1989, said the deal would protect the future of the company for its “loyal customers, its employees and also for the town of Market Harborough, which have been so central to Joules’ success”.
Mr Joule stepped back from designing products for Joules in 2019, but recently returned to be the company’s product director.
Next said that after completion of the rescue deal, Mr Joule would “take the lead in re-establishing the clear identity of both brand and product”.
Joules had been seen as a success story, valued at £140m when it floated on the stock exchange in 2016, but Next managed to snap up most of it for £34m.
Last month, Next also bought furniture retailer Made.com’s brand name, website and intellectual property after that company fell into administration.
