Fashion company Joules slips into management, putting 1,600 jobs at risk | Retail

The fashion company Jules has officially filed for bankruptcy, jeopardizing the future of 1,600 jobs and the retailer’s 132 stores.

On Monday, the company Submitted a notice to appoint an administrator After failing to secure emergency funds. It has now hired a manager from Interpass Advisory and said the shop will remain open while it “evaluates business options.”

Interpass added that it has seen “overwhelming” interest from potential suitors to get the brand and its assets since the company revealed its plans to go bankrupt.

The company made the move last week after failing to raise the funds needed for urgent talks with investors, including founder Tom Joule.

Will Wright, head of restructuring at Interpath Advisory, said:

“Over the coming weeks, while we evaluate options for the Group, including a potential sale, we will endeavor to continue to operate all our stores as a going concern during this very important Christmas trading period.

“At this stage, we are optimistic about securing the future of this great British brand.”

All stores and concessions will be open as usual, and online orders will be delivered as usual, Joules said. Valid gift cards will continue to be redeemable, but customers will no longer be able to purchase new gift cards.

It is possible to exchange at the store, but it is not possible to return it after the operation ends.

Best known for its jackets and patterned Wellington boots, Joules has been suffering from a sales slump for months.

I attribute it to the cost of living crisis and slow trade. British summer heatthe demand for its plush winter boots decreased.

The value of a stock in joules is 95% over the last 12 months, up to 9.22p last Friday.

At that price, the company’s market value was £10.3m. At the end of October, he had a net debt of £25.7m and on 30 November he will be repaid on his £5m revolving credit facility.

Jules, the company’s founder, found a market for colorful boots at a national fair in 1989 to found the company and said Monday, “It’s a very unfortunate day for Jules and personally sad. It was a day,” he said.

entrepreneur earned tens of millions of pounds He listed the company on London’s Aim stock exchange in 2016, but continued as a non-executive director.