Workers at Joule stores in Aberdeen and Inverness are to keep their jobs after the fashion retailer was bought out of administration.
The troubled brand is to continue to trade after retail rival Next and founder Tom Joule struck a deal.
Next said it plans to continue to run around 100 of Joules’ 124 stores and confirmed that 19 stores would be shut by administrators today, leading to 133 redundancies.
But stores in Union Square, Aberdeen, and Eastgate Shopping Centre, Inverness, will remain open.
It means 10 jobs, a mixture of full and part-time, have been saved at the Union Square branch. It is not known how many staff work at the Inverness store.
The deal will see Next own a 74% stake in the business, with Mr Joule owning the remaining 26% share.
Leicestershire-based Joules drafted in administrators Interpath Advisory last month after failing to secure emergency funding following a surge in costs and slowdown in customers demand.
Securing the future of ‘great British brand’
Interpath advisory head of restructuring and joint administrator Will Wright said: “Following a highly competitive process, we are pleased to have concluded this transaction which secures the future of this great British brand, as well as safeguarding a significant number of jobs.
“To have achieved this in such a short timetable is testament to the support we’ve received from employees, suppliers and other key stakeholders throughout the administration process, so we’d like to express our profound thanks to everyone involved.”
Next chief executive Lord Wolfson said Joules’ products would be put on his Total Platform, which sells goods from other brands.
Lord Wolfson added: “We are excited to see what can be achieved through the combination of Joules’ exceptional product, marketing and brand building skills with Next’s Total Platform infrastructure.”
Joules was founded by Tom Joule, and started out selling clothes at country shows in 1989.
It is the latest high street retailer to face problems as retailers cut back on spending due to the cost-of-living crisis.
Marks & Spencer is accelerating the closure of 68 shops, with the future of the Aberdeen and Inverness shops in the balance.
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