STRUGGLING retailer Joules is set to fall into administration, it has been announced.
It comes as the chain said it plans to file a notice of intent to appoint administrators.
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The announcement comes after a failure to secure a vital cash injection.
The brand – famous for its posh wellies – said talks over an emergency cash-call with investors including its founder Tom Joule were unsuccessful and have ended.
It said it would file a notice of intention to appoint Interpath Advisory as administrators to the firm and its subsidiaries “as soon as reasonably practicable”.
A spokesperson for Joules said: “The board is taking this action to protect the interests of its creditors.”
It will suspend trading of its shares on the stock market due to the decision, adding that further announcements will be made “in due course”.
The chain employs around 1,600 staff and has 130 shops.
It had been struggling in the wake of rising costs and earlier this year Next was in talks to snap up a stake in the brand, but the deal did not go through.
In July, Joules said profit remained under pressure as consumers were seeking out cheaper brands.
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We have asked Joules if customer orders will be fulfilled and will update this article when we hear back.
The news comes after furniture retailer Made.com filed for administration on Tuesday.
The company recently halted orders to new customers after abandoning hopes of getting a buyer to save it and inject the cash needed to stay afloat.
It currently employs around 700 staff.
In a statement, Made.com said it took the decision to suspend new, online orders from October 26.
What are my rights if a company I’ve ordered from goes bust or stops trading?
According to Citizen Advice, you might end up without the item you paid for or with unfinished work if a company or trader stops trading or goes out of business.
There are several ways to try to get your money back or get the work done.
But, there’s no guarantee you’ll get what you paid for.
You should call the company, visit their office or shop, or write to them to find out what’s happening.
Explain what you’ve paid for and ask for the item you bought or a refund.
If you can’t get hold of a company or want to confirm that they’ve gone out of business you can search for their name on:
- the Companies House website if they’re a limited company (with the letters ‘Ltd’ or ‘Plc’ after their name)
- the Insolvency Register if they’re an individual (a sole trader) or a partnership – search both the name of the person and their trading name
It can take a few weeks for information to appear on these websites.
