Future Of British Business
Joules Set to File for Insolvency After Rescue Attempts Fail
- Around 1,600 jobs at risk as retailer lines up administrators
- It would be the second UK retailer to collapse in a week
Joules warned last week that it would struggle to repay a £5 million ($5.9 million) loan.
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Joules Group Plc is set to file for insolvency after the British retailer failed to secure bridge financing or raise equity, putting around 1,600 jobs at risk.
The clothing chain, known for its colorful coats and Wellington boots, said it will appoint Interpath Advisory as administrators to protect the interest of creditors. Shares have been suspended.