Fashion brand Joules is set to collapse into administration, putting 1,600 jobs at risk.
The chain has 130 shops across the UK - including a store in Wilmslow. Bosses revealed that administrators will be appointed following 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'.
READ MORE: Black Friday 2022 latest deals on Amazon, Sky, Dyson, Ninja, Oodie, Boots and more
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'.
The chain employs around 1,600 staff and has 130 shops.
Read more of today's top stories here
READ NEXT:
-
'I filled a Christmas stocking with Primark gifts for less than £15'
-
Cadbury fans find a very big problem with new Dairy Milk advent calendar
-
Mum branded 'ignorant' after complaining of being 'the only white family' at soft play centre
-
I drove 130 miles around Asda stores in search of KSI and Logan Paul's Prime drink
-
I'm A Celebrity Jungle Challenge attraction closes down 15 months after opening
