Next Rescues Fashion Chain Joules Saving 1,450 Jobs
December 1, 2022
Clothing chain Joules has been rescued from administration by retail giant Next and founder Tom Joule.
The deal will see about 100 Joules stores remain open and 1,450 jobs saved.
However, 19 stores will close with immediate effect with the loss of 133 posts.
Leicestershire-based Joules collapsed into administration last month after failing to secure an emergency investment.
Under the rescue deal, Next will take a 74% stake in the business, with Tom Joule owning the rest.
Next will continue to operate Joules' website but also sell Joules-branded clothing through its own e-commerce platform from 2024.
Next chief executive Simon 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."
Mr 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 has been so central to Joules' success".
Joules is the latest brand to be picked up by Next after getting into trouble.
Last month, Next bought furniture retailer Made.com's brand name, website and intellectual property after that company fell into administration.
The retail sector has been struggling as consumers cut back on their spending in the face of the soaring cost of living.
High Street giant Marks and Spencer has warned of a "gathering storm" of higher costs for retailers and pressure on household budgets, adding that "all parts" of retail will be affected.
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