Struggling ‘yummy mummy’ fashion brand Joules puts faith in a turnaround amid insolvency fears

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Stranded British fashion retailer Joules has insisted it has made significant headway amid reports that it is heading for bankruptcy.

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Weeks after Next abandoned plans to invest £15m in the firm, the ‘tasty mommies’ apparel, footwear and accessories favorite said it was ‘developing its recovery plan’.

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The comments came after Sky News reported that Joles was considering filing for bankruptcy, known as the company’s voluntary agreement to close unprofitable stores and lower rents.

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Recovery plan: Clothing, footwear and accessories company Joules struggles with finances as wary consumers face rising inflation that has sparked a cost-of-living crisis.

This sent the stock down 32.6%, or 2.42 pence, to 5 pence yesterday, resulting in a 96% loss for the year.

Joles struggles with finances as cautious consumers face rising inflation that is fueling rising costs of living.

British inflation stood at 9.9% in August and is expected to rise further, further reducing household disposable spending.

But Joles said: “The group continues to evaluate its current funding needs, including a possible capital increase to allow the company to strengthen its balance sheet.”

Credit: www.thisismoney.co.uk /

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