Fashion brand Joules has gone into administration. The retailer's 132 shops and 1,600 workers now face an uncertain future.
Joules said on Monday that, having failed to find emergency funding, it had filed a notice to appoint administrators. It has now hired administrators from Interpath Advisory.
Interpath said there had been “overwhelming” interest from potential buyers to snap up both the brand and its assets. Administrators added that the business will continue to trade and shops will stay open while they “assess options for the business, including exploring the possibility of a sale as a going concern”.
Will Wright, head of restructuring at Interpath Advisory and joint administrator, said: “Joules is one of the most recognisable names on the high street, with a unique brand identity and loyal customer base. 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.
“Since the group’s announcement on Monday, we have had an overwhelming amount of interest from interested parties. We will be working hard over the days ahead to assess this interest, but at this stage we are optimistic that we will be able to secure a future for this great British brand.”
Joules said all stores and concessions will operate as normal, while online orders will also be delivered as usual. Customers will be able to continue using valid gift cards, the store added, but no new ones would be sold.
