Fashion retailer Joules reportedly still owes more than £100m to its suppliers, landlords and customers holding gift cards, according to new documents, as reported by The Times.
Joules was bought out of administration by Next in December last year and it was reported that the fashion brand was nearly £114m in the red when it first collapsed.
The latest administrators’ progress report shows that its unsecured creditors are still owed a total of £112m.
Joules’ creditors include clothing and fabric suppliers, associated property companies and other unnamed connected companies.
Gift card-holding customers are also still owed the £1.3m previously reported and the latest statement of affairs figures “indicated they will receive only a fraction of what they are owed”.
Joules’ administrators Interpath Advisory “extended the restructuring process by another year”, and a dividend of between 12p and 15p in the pound is anticipated to be paid by November 2024.
No comments yet