Joules to close 19 shops and cut 133 jobs despite Next rescue deal

dailyrecord.co.uk:

Joules is shuttering 19 shops and cutting 133 jobs today despite its rescue deal by Next and its founder.The fashion firm had been saved from falling into administration after it was bought by its high street rival.The retailer has teamed up with the fashion firm's founder, Tom Joule, to continue running around 100 of 124 Joules stores, while 19 stores are set to be shut by administrators on Thursday.It is believed that the deal will see Next own a 74% stake in the business with Tom Joule owning the remaining 26% share.It comes after the clothing company announced it had fallen into administration last month after failing to secure emergency funding following a surge in costs and slowdown in customers demand.Next bought the brand, websites and intellectual property for online furniture business Made.com after it also collapsed.The administration resulted in 320 redundancies, while a further 79 employees who had resigned and were working their notice were forced to immediately leave.Tom Joule said: "After three years away from the operational side, I’m truly looking forward to inspiring teams with clear direction to excite and recapture the imagination of the customer again."Don't miss the latest news from around Scotland and beyond.