UK retailer Next to buy collapsed rival Joules - media reports
Reuters
Published Dec 01, 2022 12:37
Updated Dec 01, 2022 15:18
(Reuters) -British fashion chain Next Plc has secured a deal to buy collapsed retailer Joules out of administration, according to media reports on Thursday.
Before Joules went into administration, Next was in talks with the company over a potential 15 million pound equity investment, but talks were eventually terminated. No financial details of the latest deal has been disclosed.
Joules, which sells clothing, footwear and accessories, collapsed last month after its finances, profitability and cash generation came under pressure amid a cost-of-living crisis that has pinched consumer spending.
Last month, some reports said South African fashion retailer TFG, the owner of British brands such as Phase Eight, Hobbs, Whistles and Damsel, was also in the race to buy Joules.
Bloomberg News said on Thursday British businessman Mike Ashley's Frasers and retailer Marks & Spencer had also showed interest in Joules, citing people familiar with the matter.
Next's buyout of Joules was first tweeted by a Sky News reporter.
Next, TFG, M&S, Frasers and Joules' administrator, Interpath Ltd, did not immediately respond to Reuters' requests for comment.
TFG's chief executive on Wednesday had declined to comment on reports that it was buying Joules.
Next also bought out online furniture seller Made.com in November after it collapsed into administration.
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Written By: Reuters
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