Retail giant Next has announced that it is taking a 75% stake in fashion retailer Joules, to bring it out of administration.
Joules founder, and current product director, Tom Joules will take the remaining shares.
While around 100 stores are set to be saved – including Mumbles, 19 stores permanently closed on Thursday – which included the chain’s Carmarthen outlet.
Like other high street retailers, Joules had been struggling with high energy costs and a downturn in consumer spending.
Tom Joule said: “After three years away from the operational side, I’m truly looking forward to inspiring teams with clear direction to excite and recapture the imagination of the customer again.
“I’m so pleased that we have been able to strike a deal that protects the future of the company for all its loyal customers, its employees and also for the town of Market Harborough, which have been so central to Joules’ success.”
Next chief executive Simon Wolfson said: “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.”
Next recently bought furniture retailer Made.com’s brand name, website and intellectual property after it too went into administration.
The full list of Jules shops that closed on Thursday.
Carmarthen, Cheltenham, Chichester, Edinburgh, Exeter, Gateshead, Lyme Regis, Newbury, Northcote Road, Oxford, Peak Village, Peterborough, Reigate, Salcombe, Fore Street, Sherborne, Southwold, Little Joule, St Davids, Waterloo, Watford.
(Lead image: Google Maps)
