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Insider UK

Business

Henry Saker-Clark & Peter A Walker

Joules to shut 19 stores, despite rescue deal by Next and founder

Joules Next Tom Joule Simon Wolfson Interpath Advisory

Troubled fashion brand Joules is to shut 19 stores and cut 133 jobs after it was bought by retail rival Next and founder Tom Joule.

Next said it plans to continue to run around 100 of Joules’ 124 stores and will transfer over around 1,450 members of shop and head office staff.

The deal will see Next own a 74% stake in the business, with Tom Joule owning the remaining 26% share.

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