Joules collapses into administration

Lifestyle retailer Joules on Wednesday collapsed into administration. Earlier this week it called in Wright, Ryan Grant and Chris Pole from Interpath Advisory to explore possible business options, including selling the company.

While the retailer’s 132 stores across the UK are poised to stay open during the process, there has been no confirmation how many of Joules’ 1,600 employees will be impacted.

Last week the Leicestershire-based group’s shares were suspended from trading on the AIM. Signs of trouble were confirmed in August when Joules issued a profit warning, stating full-price sales on core categories had been negatively affected by the warm weather.

Retail analysts have said the company may go forward as an e-commerce only business.

“Joules is one of the most recognisable names on the high street, with a unique brand identity and loyal customer base,” Interpath Advisory joint administrator, Will Wright said.

“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern during this vitally important Christmas trading period while we assess options for the group, including a possible sale.”

“Since the group’s announcement on Monday, we have had an overwhelming amount of interest from interested parties.”

“We will be working hard over the days ahead to assess this interest, but at this stage we are optimistic that we will be able to secure a future for this great British brand.”

Article source: The Retail Gazette