Joules has formally fallen into administration
PS: While Andrew Bailey and colleagues were testifying, another UK firm collapsed into administation.
Fashion firm Joules has formally fallen into administration, putting the future of the retailer’s 132 shops and 1,600 workers at risk.
It said on Monday that it filed a notice to appoint administrators after failing to secure emergency funding.
The company has now hired administrators from Interpath Advisory.
Joules, which is best known for its jackets and patterned wellington boots, had been struggling for months with falling sales. It has in part blamed those woes on the cost of living crisis and on the UK summer heatwave, which reduced demand for its posh winter wellies
The administrators said the business will continue to trade while they “assess options for the business, including exploring the possibility of a sale as a going concern”.
Closing post
Time to wrap up, after a busy day in which UK inflation accelerated to a 41-year high – hurting poor families the most – and the Bank of England governor warned that mending the UK’s tarnished reputation after the mini-budget will take time.
Here’s all today’s stories, starting with Consumer Price inflation hitting 11.1% for the first time since the early 1980s:
The energy crisis:
And in other news:
Goodnight. GW
