Crew Clothing owner Brigadier reportedly mulling Joules takeover
Crew Clothing owner Brigadier Acquisition Company Limited is reportedly considering making a takeover bid for embattled British fashion retailer Joules.
Brigadier joins a growing line-up of other businesses reportedly interested in Joules, including Whistles owner TFG, Next, Frasers Group, and Marks & Spencer.
Joules collapsed into administration last week after being hit hard by the pandemic and shifting shopper habits in recent years.
Brigadier, whose portfolio also includes Moss Bros and Saltrock, is now understood to be in talks with administrator Interpath Limited over a potential rescue deal, Drapers reports.
Joules had around 1,600 employees and 130 UK stores at the time of its collapse.
If a takeover from Brigadier materialises, the deal would likely see some of Joules' stores rebranded to Crew Clothing, according to the report.
Brigadier is understood to want Joules to be around 40 percent smaller to be viable.
Joules was on the cusp of an investment deal with high street giant Next in recent months, but a profit warning by Joules resulted in a drop in its share price and subsequently saw Next exit the talks.
Next was planning to invest 15 million pounds into Joules.