Around 1,600 jobs are under threat after fashion retailer Joules revealed it is set to appoint administrators following a failure to secure a vital cash injection.
Joules, which has stores across the region including at Cannock's McArthurGlen designer outlet, Shrewsbury and Birmingham, said: “The board is taking this action to protect the interests of its creditors.” The deal led to 320 redundancies at Made, while a further 79 employees who had already resigned and were working out their notice were forced to leave the business immediately.
It was also holding discussions with Mr Joule and its lender over a possible bridge financing deal to allow the funding talks to continue, but failed to secure the crucial strategic investment needed.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bose Smart Soundbar 600 reviewBose Smart Soundbar 600 review: get the thrill of real Dolby Atmos channels for a low price, from a small soundbar
Source: techradar - 🏆 51. / 63 Read more »
Joules set to call in administrators with company on brink of collapseThe chain employs around 1,600 staff and has 130 shops, including 12 in Scotland with branches in Edinburgh, Braehead, Perth and Oban.
Source: Daily_Record - 🏆 9. / 89 Read more »
Joules set to fall into administration putting 1,600 jobs at riskSTRUGGLING retailer Joules is set to fall into administration, it has been announced. It comes as the said it plans to file a notice of intent to appoint administrators. The announcement comes afte…
Source: TheSun - 🏆 64. / 61 Read more »
Retailer Joules nears collapse risking 1,600 jobsThe Leicestershire-based UK clothing and homeware brand is set for administration after failing to raise extra funds Noooooo not Joulesclothing x Very sad.😥. Proud of Leicester heritage. Problem I think is they are so expensive, and there are many brands offering similar clothing styles at cheaper prices. They need to go back to their roots. Quality of clothing has declined, would happily pay more for quality as it used to be.
Source: bbcemt - 🏆 120. / 51 Read more »
Retailer Joules nears collapse risking 1,600 jobsThe UK clothing and homeware brand is set for administration after failing to raise extra funds. Meanwhile more charity shops are springing up everywhere. When will the government get the message? Lockdowns never work Brace yourselves.. here come the Remoaners to blame Brexit again.
Source: BBCNews - 🏆 3. / 97 Read more »
Joules set to collapse into administration putting 1,600 jobs at riskThe fashion brand has 130 shops across the UK ClareSowter1 Brexit continues to reap Devastation on Britain's economy Another one bites the dust ! But have to say it is very bland
Source: MENnewsdesk - 🏆 23. / 69 Read more »