Joules set to enter administration putting 1,600 jobs at risk after failing to secure funding
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Fashion retailer Joules is set to appoint administrators, putting 1,600 jobs at risk after they failed to secure a vital cash injection. Known most for their wellington boots, the company said that talks with investors, including their owner Tom Joule, were unsuccessful.
Following the announcement, 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.”
This comes just days after furniture company Made also entered administration, which is set to put 500 jobs at risk. According to The Times, there were multiple ‘red flags’ that investors failed to spot before its demise.
There was previous optimism as talks were taking place earlier this year, but unfortunately they proved unsuccessful. Joules, a Leicestershire based company, currently has 132 shops and recently claimed that “recent sales had been weaker than expected”.
Retailers up and down the country are feeling the hit, and less people are visiting fashion stores due to the cost of living crisis. The widely publicised cost of living crisis has plagued families up and down the country, leaving many financially strained.
In 2019, Joules celebrated its 30th birthday, after it was founded by Tom Joule, and started out selling clothes at country shows in 1989. He claimed that at the beginning, the firm was started with “one man, one tent and a lot of enthusiasm”.