Collapsed ‘yummy mummy’ fashion brand Joules strikes bailout deal with Hobbs owner
Joules was on the brink of a bailout deal last night with the fashion giant behind the Princess of Wales favorite – Hobbs.
The directors of the collapsed ‘yummy mummy’ fashion brand were close to striking a deal with South African group The Foschini (TFG).
The deal, if completed, would see TFG take over the majority of Joules stores and assets.
Sweet money: Joules directors were close to a deal with South African group The Foschini, which also owns Phase Eight and Whistles
But around a quarter of the retailer’s 132 sites would be closed, costing “several hundred” jobs, according to Sky News.
TFG, which also owns Phase Eight and Whistles, was reportedly in talks with Joules about an investment for weeks before it collapsed.
Rival bidders, believed to include Next and Mike Ashley’s Frasers Group, are still believed to be circling.
Joules went bankrupt last month after she couldn’t repay a bank loan. It issued a series of profit warnings, after facing huge increases in shipping and other costs.
Directors of Interpath Advisory run the business during the key Christmas period while looking for a buyer.
Restructuring manager Will Wright said there had been “overwhelming interest” in the company.
He said: “We are optimistic about our ability to secure a future for this great British brand.”