Nottingham's Joules store appears to have been saved from closure as part of a nationwide rescue deal involving the retail giant Next. Joules announced last month that it had gone into administration due to factors including cost of living pressures and the ongoing impact of the coronavirus pandemic.
But Next, along with the Joules founder Tom Joule, has now announced a deal which means that 100 Joules stores will remain open - including in Nottingham. The deal does still mean the closure of 19 stores, which will come into effect on Thursday (December 8).
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. I'm so pleased that we have been able to strike a deal that protects the future of the company for all its loyal customers and its employees."
Read more: Nottinghamshire man called police 68 times in 90 minutes while drunk in bed
A total of 1,450 jobs have been saved as a result of the rescue deal, which will entail Next owning 74% of the business and Tom Joule owning the remaining 26%. Will Wright, joint administrator and head of restructuring at Interpath, said: "We are pleased to have concluded this transaction, which secures the future of this great British brand, as well as safeguarding a significant number of jobs.
“To have achieved this in such a short timetable is testament to the support we’ve received from employees, suppliers and other key stakeholders throughout the administration process, so we’d like to express our profound thanks to everyone involved." The 19 stores that will still be closing are based in locations including Exeter, Peterborough and Watford.
READ NEXT:
- Nottingham's olde worlde shopping courtyard that even some locals don't know is there
- Nottinghamshire ford closed with immediate effect amid 'dangerous and irresponsible' driving
- Meet the pets looking for loving homes as they spend winter in animal centre
- Neighbours in Nottingham's most deprived community admit 'the data doesn't lie'
- Nottinghamshire's lost mining jobs 'could be replaced' by nuclear site
