Joules falls into administration putting 1,600 jobs at risk

Fashion firm Joules has formally fallen into administration, putting the future of the retailer’s 132 shops and 1,600 workers at risk.It said on Monday that it filed a notice to appoint administrators after failing to secure emergency funding.The company has now hired administrators from Interpath Advisory.The administrators said the business will continue to trade and shops will stay open while they ‘assess options for the business, including exploring the possibility of a sale as a going concern’.Interpath added that it has witnessed ‘overwhelming’ interest from potential suitors to snap up the brand and its assets since revealing plans to enter insolvency.The firm has made the move after talks over an emergency cash-call with investors, including its founder Tom Joule, were unsuccessful last week.Will Wright, head of restructuring at Interpath Advisory and joint administrator, said: ‘Joules is one of the most recognisable names on the high street, with a unique brand identity and loyal customer base.’Over the coming weeks, we will endeavour to continue to operate all stores as a going concern during this vitally important Christmas trading period while we assess options for the group, including a possible sale.’Since the group’s announcement on Monday, we have had an overwhelming amount of interest from interested parties.’We will be working hard over the days ahead to assess this interest, but at this stage we are optimistic that we will be able to secure a future for this great British brand.’Joules said all stores and concessions will operate as normal, while online orders will also be delivered as usual.It added that valid gift cards can still be redeemed, but customers will no longer be able to buy new gift cards.Customers will also be able to exchange items in stores but will no longer offer refunds following the administration.