Joules set to appoint administrators
Struggling clothing brand, Joules have announced their intention to appoint administrators having failed to find an investor.
Shares in the firm, which have dropped by more than 90 per cent this year have been suspended in light of the announcement. The downturn in the company's fortunes are attributed to rising costs in haulage and wages and a downturn in consumer spend.
The retailer specialises in clothing and footware and have a number of outlets across the South East. With 2500 employees across 132 outlets in the UK now fearing for their future.
The firm has 12 stores in Berkshire, 15 in Kent and 10 in Oxfordshire. Employees at outlets in Whitstable, Ashford, Chichester, Portsmouth, Lymington, Whitely , Southampton, Ringwood, Newbury and Reigate among others are anxious about their future.
Founder of the firm, Tom Joules described the news as deeply disappointing.
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In a statement he said: “Over the past two months I have been back working as part of the new executive leadership team to simplify the business and improve operations.
“Whilst we have made significant progress during this period, regrettably we simply could not make the required changes to the model quickly enough in this challenging environment.”
Interpath Advisory are expected to be appointed as administrators.
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Main image Joules Christmas 2022 line, credit Joules.
