Foschini eyes Joules rescue deal
It comes as Joules made a series of redundancies across its senior positions, a week after the announcement that the group had fallen into administration
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The Foschini Group is reportedly close to agreeing a deal to acquire the majority of collapsed retailer Joules’ stores and assets, according to Sky News.
If the deal goes ahead, it is likely to see roughly a quarter of Joules’ 132 shops closed, with the loss of “several hundred” jobs. One source said a deal could be struck as soon as Wednesday afternoon.
Administrator Interpath Advisory has declined to comment on the potential figures for store closures and redundancies.
It comes as Joules made a series of redundancies across its senior positions, a week after the announcement that the group had fallen into administration.
The retailer‘s channels director Rimal Patel and brand and creative director Chloe Ward have both left the business.
Joules had been in talks with Next about a strategic investment earlier in the autumn but the two sides were unable to agree the terms of a deal as the smaller company’s share price continued to sink.
The retailer said in August that it was aiming to secure an equity investment of about £15m, after warning that it would deliver a loss bigger than previous market expectations.
