Next teams up with Joules under £41 million deal to operate 100 shops and save 1,450 jobs

Next and collapsed fashion chain Joules have joined hands. The partnership will help Joules get over its losses and rescue Joule from the administration. The deal between them had been of 41 million pounds. The association is likely to save 1,450 jobs and 100 shops.

The clothing brand placed a last-minute bid if the sources were to be trusted. During the early hours of the bid, which happened on Thursday morning, the owner of Hobbs and Whistles, South Africa’s Foschini Group, made the leading bid.

Another company that seemed quite interested in the bid was Marks and Spencer Group. Marks and Spencer are popular for its patterned wellington boots and jackets.


The £41 million deal of Next overtook both the bids. Next revealed that it intends to continue operating approximately 100 stores. The brand also informed that most jobs, including those at the head office, would be retained.

In other news, Next announced that it couldn’t manage the remaining 24 stores and 130 jobs. Among the 24 scheduled-to-be-closed stores, 19 will be closed by Thursday, reported Interpath Advisory Administrators.

Current Share Distribution of Joules.
The majority of the stakes now lie in the hand of Next. The company has taken over 74% of stakes in Joules.
The left 26%, however, still belongs to the founder of Joules, Tom Joule.
Tom Joule has also bought most of the assets of the retailers.

FAQs:

1. Who is the chief executive of Next?
   Simon Wolfson.
2. When was Joules founded?
   Joules laid its foundation in 1989. It was mainly a clothing and accessory-selling brand. Soon after, the line of best-selling pink wellington boots was started.