Around 1,600 jobs are under threat after fashion retailer Joules revealed it is set to appoint administrators 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”.
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.
Joules has branches in Ringwood, Lymington, Dorchester and Lyme Regis.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel