Collapsed vogue retailer Joules will reside on after Next agreed a £34m money rescue deal that preserves most of its shops and jobs.
Under the deal Next will decide up 100 of its 132 shops and solely 133 of 1,600 employees will lose their jobs.
Nineteen outlets are to instantly shut in:
Carmarthen
Cheltenham
Chichester
Edinburgh
Exeter
Gateshead
Lyme Regis
Newbury
Northcote Road, south London
Oxford
Peak Village, Derbyshire
Peterborough
Reigate
Salcombe Fore Street
Sherborne
Southwold Little Joule
St Davids
Waterloo station, London
Watford
The 100 shops now owned by Next are to stay open topic to the purchaser agreeing phrases with landlords.
As a part of the settlement, Next will personal 74% of the country-inspired model, based by Tom Joule in 1989, and Mr Joule will maintain the steadiness.
Next additionally mentioned it had paid £7m for the Joules head workplace and that the chain would retain “management autonomy and creative independence”.
Joules will use Next know-how for on-line gross sales and distribution wants.
“We are excited to see what can be achieved through the combination of Joules’ exceptional product, marketing and brand building skills with Next’s Total Platform infrastructure,” mentioned Next chief government Simon Wolfson mentioned.
TFG, the proprietor of the Hobbs, Whistles and Phase Eight womenswear manufacturers, seemed to be the frontrunner on Wednesday in an public sale course of to safe an settlement with Joules’ administrator, Interpath Advisory.
Joules is the second main UK acquisition for the fashion-to-homewares retailer in as many months.
Next snapped up the model, web site and mental property of Made.com on 9 November.
Joules had been buying and selling as regular since a failure to safe new funding pushed it in direction of insolvency a fortnight in the past.
The clothes, footwear and equipment retailer collapsed after its funds, profitability and money technology got here below stress amid the price of residing disaster.
It had been in talks with each Next and TFG about new funding beforehand.
Source: information.sky.com”