Stirling could be set to lose another name from the high street after clothing firm Joules collapsed into administration.
The troubled retailer made the move after failing to secure emergency investment to protect the company’s future.
One of Joules’ 132 stores across the UK is located within Stirling’s Thistles Centre, which opened in 2018.
The firm said its recent sales had been weaker than expected, in the face of reduced consumer spending amid rises in the cost of living.
The move is set to put 1,600 jobs across the UK at risk, with some of those at the city centre store.
A statement on Wednesday confirmed that Will Wright, Ryan Grant and Chris Pole from Interpath Advisory had been appointed as joint administrators of Joules PLC and Joules Limited and confirmed they will continue to trade as a going concern while they assess options for the business.
The options include a possible sale of the company, with all stores - including online divisions - remaining open in the meantime.
Will Wright, head of restructuring at Interpath Advisory and joint administrator, said: “Joules is one of the most recognisable names on the high street, with a unique brand identity and loyal customer base.
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“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern during this vitally important Christmas trading period while we assess options for the group, including a possible sale.
“Since the group’s announcement on Monday, we have had an overwhelming amount of interest from interested parties.
“We will be working hard over the days ahead to assess this interest, but at this stage we are optimistic that we will be able to secure a future for this great British brand.”
All orders placed online with Joules will be delivered as usual and valid gift cards will continue to be honoured, although customers will no longer be able to buy gift cards in-store or online.
Customers will be able to exchange items in-store only for purchases already made but refunds will not be available - meanwhile the returns policy for new purchases has been revised to 14 days.
Retailer Next had been in talks with the company during the summer over taking a stake in the company, but those discussions concluded in September with no deal reached.
In their own statement on November 7, the Joules hierarchy said the decision to appoint administrators was taken “to protect the interests of its creditors”.
Joules was founded by Tom Joule, and started out selling clothes at country shows in 1989.
