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Dec 1 (Reuters) – British fashion chain Next Plc ( NXT.L ) has reached a deal to buy collapsed retailer Joules ( JOUL.L ) out of administration, according to media reports on Thursday.
Before Joules went into administration, Next was in talks with the company over a potential £15 million equity investment, but talks eventually broke down. No financial details of the latest deal were disclosed.
Joules, which sells clothing, footwear and accessories, collapsed last month as its finances, profitability and cash generation came under pressure amid a cost-of-living crisis that has pinched consumer spending.
Last month, several reports said South African fashion retailer TFG ( TFGJ.J ), which owns British brands such as Phase Eight, Hobbs, Whistles and Damsel, was also in the race to buy Jolls.
British businessman Mike Ashley’s Frasers ( FRAS.L ) and retailer Marks & Spencer ( MKS.L ) have also expressed interest in Joules, Bloomberg News said on Thursday, citing people familiar with the matter.
Joules’ next buyout was first tweeted by a Sky News reporter.
Further, TFG, M&S, Frasers and Joules’ administrator, Interpath Ltd, did not immediately respond to Reuters requests for comment.
TFG’s chief executive declined to comment on Wednesday on reports that it was buying Jolls.
It also bought online furniture seller Made.com ( MADE.L ) the following November when it collapsed into administration.
Reporting by Pushkala Aripaka and Yadarisa Shabong in Bengaluru and Nkobile Dludla in Johannesburg; Editing by Shinjini Ganguly and Sherry Jacob-Phillips
Our Standards: The Thomson Reuters Trust Principles.
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