Fashion and lifestyle products retailer Joules Group plc revealed on Monday that it is planning to appoint administrators after failing to secure new investment.
The company said it would file a notice of intention to appoint administrators and had requested the suspension of trading in its shares.
Joules had previously been in discussions with a number of potential investors but these talks were not successful and have now terminated.
The announcement comes after online furniture retailer Made.com fell into administration last week, leading to hundreds of job losses. Made’s brand, website and intellectual property were bought by high street clothing and homeware retailer Next.
Talks between Joules and Next over a possible investment collapsed in September.
As well as the Joules stores and online business, Joules Group also operates online outdoor goods retailer Garden Trading Company.
In an update last week, Joules said that trading was below its expectations, reflecting “the challenging UK economic environment which has negatively impacted consumer confidence and disposable income”.
It also said that sales of outerwear, wellies and knitwear had been impacted by the milder than expected weather.
