Page 20 - Simon Wolfson News Today

Administrators for Joules will shut 19 shops today after the fashion brand was bought in a rescue deal by retailer Next and founder Tom Joule.

Joules in Ipswich town centre and other Suffolk stores will remain open after a takeover by Next.

Next says it will keep about 100 Joules stores open, but 19 will be closed with immediate effect.

Next will own 74% of a newly formed company with the remaining 26% owned by Joule. It will keep around 100 of the current 124 Joules stores in the UK and

Joules in Ipswich town centre and other Suffolk stores will remain open after a takeover by Next.

Next, run by Lord Simon Wolfson (pictured), will own 74% of the collapsed business, with the rest owned by Joules founder Tom Joule.

The deal will see Next own a 74 stake in the business, with Tom Joule owning the remaining 26.

The deal will see Next own a 74 stake in the business, with Tom Joule owning the remaining 26.

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