Major update about future of high-street fashion chain after Next deal closed 19 stores
NEXT has issued a major update after buying a high-street fashion retailer – in a deal that closed 19 stores.
The popular chain saved struggling brand Joules last year after it fell into administration.
As part of the £34million deal, Next secured the jobs of 1,450 workers and 100 stores.
However, a total of 19 shops closed their doors for good.
It also saw the retail giant take a 74 per cent stake in the business, with Joules founder Tom Joule keeping the other 26 per cent.
Now, Next has announced that the relaunch of Joules has been moved forward from March 2024.
It’s set to transfer Joules’ online operation onto its own in October this year, five months earlier than planned.
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”.
It means that Joules has launched consultation with workers who will be hit by the cuts.
The retailers have not yet said how many jobs will be affected.
A spokesperson for Next said: “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.”
Currently, Next’s Total Platform offers website, warehousing, distribution, contact centre, online advertising and retail services.
But the planned services for Joules will also include product systems, finance, payments and accounting systems, and HR systems.
At its peak Joules had 132 stores and employed 1,600 people.
The news comes just weeks after Next agreed to buy fashion and homeware brand Cath Kidston, known for its kitsch floral designs.
Next told shareholders it will buy the brand name, domain names and intellectual property for the business for £8.5 million.
Cath Kidston collapsed into administration in April 2020 with the closure of 60 UK stores and the loss of 908 jobs but is still trading online and across four UK stores.
Next has been known to save failing companies from administration.
In November last year, it bought furniture store Made.com as well.
Meanwhile, here is the full list of high street brands closing for good this year.
Plus, here are all the bank branches disappearing too.
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