// Joules makes senior team redundancies following administration
// Joules filed for administration after its board failed to find a buyer
Joules has made redundancies across senior directors, just a week after the group fell into administration.
The lifestyle retailer‘s channels director Rimal Patel and brand and creative director Chloe Ward had both left the business yesterday, while chief financial officer Caroline York is set to leave on Thursday “following a short handover”.
Joules said 11 other staff were made redundant on Monday, with notice given to a further six contractors who will leave between now and mid-December, Retail Week reported.
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A spokesperson for the administrators said: “While we continue to trade the business as a going concern, it is with regret that the joint administrators can confirm that a limited number of redundancies have been made at the company’s head office. A wider consultation process for employees remains ongoing, as is typical during an administration process.
“We continue to explore the significant number of expressions of interest that we have received since our appointment, and remain optimistic about securing a future for the business.”
The news comes just a week after Joules filed for administration as its board failed to find a buyer.
Administrators Interpath Advisory said: “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.”
South African retail conglomerate The Foschini Group (TFG) recently revealed it is considering a potential takeover of Joules. The purchase could salvage some of the retailer‘s 1,600 jobs.
TFG, which owns Phase Eight and Hobbs, is exploring a bid to take control of Joules and was in discussions about investing in the business in return for a substantial stake.
