Fashion and lifestyle products retailer Joules has been rescued from administration by high street retail giant Next and founder of the business Tom Joule.
Under the £34m deal, Next will retain around 100 Joules stores and save 1,450 jobs.
However, 19 stores will be closed with immediate effect and 133 people have been made redundant.
Next will own 74% of the business, with the remaining 26% owned by Tom Joule.
Joules collapsed after coming under pressure amid the cost of living crisis. The company announced in mid-November that it was entering administration after failing to secure new investment.
The acquisition comes less than a month after Next bought furniture retailer Made.com‘s brand name, website and intellectual property after it fell into administration.
