Clothing chain Joules has been rescued from administration by retail giant Next and founder Tom Joule. Under the £34m deal, Next says it intends to keep about 100 Joules stores open and save 1,450 jobs. However, 19 stores will be closed with immediate effect with the loss of 133 posts. Joules, known for its premium, brightly-coloured clothes, collapsed into administration last month after failing to secure emergency investment. Like other retailers, the Leicestershire-based firm has struggled against a backdrop of the coronavirus pandemic and cost-of-living pressures. Under the terms of the deal, Next will take a 74% stake in the business, with Tom Joule owning the rest. Next has also paid £7m to buy the current Joules head office. Next will continue to operate Joules' website but will also sell Joules-branded clothing through its own e-commerce platform from 2024. Tom Joule, who founded Joules in 1989, said the deal would protect the future of the company for its "loyal customers, its employees and also for the town of Market Harborough, which have been so central to Joules' success".
