Home » UK Employment news » Joules lays off senior directors after going into administration

Joules lays off senior directors after going into administration

By Nagasunder in UK Employment news, posted November 24, 2022

Joules has made senior directors redundant just a week after the company went into administration.

Rimal Patel, the lifestyle retailer's channels director, and Chloe Ward, it's brand and creative director, have both left the company , and Caroline York, the company's chief financial officer, is set to leave today (Thursday, November 24) "following a short handover."

Joules laid off 11 more employees on Monday, November 21, and gave notice to six contractors who will leave between now and mid-December.

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 announcement comes just a week after Joules filed for administration after its board of directors failed to find a buyer.

Need Career Advice? Get employment skills advice at all levels of your career

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.”

The Foschini Group (TFG), a South African retail conglomerate, recently revealed that it is considering acquiring Joules. The acquisition could save some of the retailer's 1,600 jobs.

TFG, which owns Phase Eight and Hobbs, is also considering a bid to take control of Joules and was in talks about investing in the company in exchange for a significant stake.

Source: Retail Gazette

Follow us on YouTube, Twitter, LinkedIn, and Facebook