Joules to shut Chelmsford Bond Street store this month a falling into …
Fashion retailer Joules has announced it is closing its store in Chelmsford for good. Signs have appeared at the store in Bond Street announcing the venue will be closing for good before the end of May.
The fashion retailer, which is best known for its colourful wellies and waterproof coats, called in administrators in November 2022, putting 1,600 jobs and the future of its 132 shops at risk, after failing to secure emergency funding. The company owed various creditors more than £100m at the time it collapsed, according to a statement of affairs issued by administrators.
The following month, around 100 shops and 1,450 jobs were rescued from administration in a £41m deal led by the fashion and homewares retailer Next, which teamed up with Joules’ founder Tom Joule. However, numerous stores have closed and the one in Chelmsford will soon be joining them.
The sign shared in Joules’ window reads: “We’ve taken the decision to close this store on 20th May 2023. We’d like to thank you lovely lot for supporting us over the years.
“And remember, you can always find us online at joules.com or your nearest store, which is now Cambridge. The Joules Team”
As part of the takeover deal Next took a 74 per cent stake in the business, with Joules founder Tom Joule owning the remaining 26 per cent. In April, Next said it has made “significant progress” since the takeover was agreed and it is now set to transfer Joules’ online operation onto its own Total Platform logistics system in October this year, five months ahead of schedule.
The sign in the window of Joules in Bond Street announcing the closure (Image: EssexLive)
Next said the move was intended to secure “cost savings” at Joules but will mean that “a number of tasks performed by Joules personnel will be absorbed into Next teams or no longer be needed”.
As a result, Joules has launched consultation with workers who will be hit by the cuts. The retailers have not disclosed how many workers will be affected. “Where roles are no longer required, Next will be working with those affected to ensure that they are considered for any suitable vacancies at Next, whose Head Office is located close to Joules’ headquarters in Market Harborough,” Next added in a statement.
References
- ^ The latest news from Chelmsford (www.essexlive.news)