// Joules responds to rumours of a potential CVA
// Joules is working with Interpath Advisory on an insolvency plan
Joules has responded to rumours of a potential CVA as it focuses on its turnaround strategy.
The retailer said it is looking to boost profitability after Next abandoned plans to inject funds into the company.
Joules is working with Interpath Advisory on an insolvency plan that could lead to store closures and job cuts.
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“Interpath Advisory is assisting the board with an initial assessment of certain elements as part of the development of this turnaround plan,” Joules said.
Joules, which employs more than 1,000 people and trades from about 130 stores, said earlier this month that it continued “to assess its ongoing financing requirements and is considering alternative options, including a possible equity raise, to allow the company to strengthen its balance sheet”.
Joules said it continues to develop its turnaround plan and its outlook for the full year remains unchanged.
Joules plans to announce its full-year results next month.