The UK clothing and homeware brand is set for administration after failing to raise extra investment.
Image source, Getty ImagesUK clothing and homeware group Joules has said it plans to appoint administrators in a move that could put about 1,700 jobs at risk.
The company – which has 130 shops – said it was making the move after talks with potential investors failed to secure extra funds.
Joules Group also said it was suspending trading in its shares.
It is the latest retailer to hit trouble as consumers cut spending in the face of the soaring cost of living.
Last week, furniture retailer Made.com fell into administration, leading to hundreds of job losses.
Joules was founded by Tom Joule, and started out selling clothes at country shows in 1989.
Mr Joule said he had started the firm with “one man, one tent and a lot of enthusiasm”, finding a niche in the market when he realised there was a demand for colourful clothing amid the standard tweeds worn to such events.
The company listed its shares on London’s junior stock exchange market Aim in 2016, and at the time was valued at £140m.
In a statement on Monday, Joules Group said it had resolved to file a notice of intention to appoint administrators “as soon as reasonably practicable”.
“The board is taking this action to protect the interests of its creditors,” it added.