// Joules to call in administrators after rescue talks fail
// The retailer said it will file a notice of intention to appoint administrators “as soon as reasonably practicable”
Struggling high street retailer Joules will appoint administrators after failing to secure a vital cash injection.
The business, famous for its high-end wellies and coats, said talks over an emergency cash-call with investors including its founder Tom Joule were unsuccessful and have ended. Around 1,600 jobs are under threat.
Joules will file a notice of intention to appoint Interpath as administrators “as soon as reasonably practicable” and has suspended shares in the company.
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Joules said: “The board is taking this action to protect the interests of its creditors.”
The fashion retailer had been thriving before the pandemic but had been hit by weak trading over the past year as inflation soared and consumer confidence dipped.
It had been in talks with Next over the fashion and home giant taking a minority stake, however, Next pulled out in mid-September after it emerged that trading at Joules was worse than expected