Struggling ‘yummy mummy’ fashion brand Joules relies on change

Struggling ‘yummy mummy’ fashion brand Joules confident of change amid insolvency fears

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Struggling British fashion retailer Joules insisted it is making good progress amid reports it was headed for insolvency.

Weeks after Next abandoned plans to pump £15m into the firm, the ‘yummy mummies’ favorite clothing, footwear and accessories brand said it was ‘developing its turnaround plan’.

The comments came after Sky News reported that Joules was considering insolvency proceedings known as a company voluntary agreement to close stores at a loss and reduce rents.

Restructuring plan: Clothing, footwear and accessories firm Joules has been struggling with finances as wary consumers grapple with rising inflation, which has fueled a cost-of-living crisis.

Restructuring plan: Clothing, footwear and accessories firm Joules has been struggling with finances as wary consumers grapple with rising inflation, which has fueled a cost-of-living crisis.

That sent shares down 32.6 percent, or 2.42 pence, to 5 pence yesterday, bringing losses for the year to 96 percent.

Joules has been struggling with finances as wary consumers grapple with rising inflation, which has fueled the rising cost of living.

British inflation was 9.9 percent in August and is expected to rise, further reducing disposable household spending.

But Joules said: “The group continues to assess its ongoing funding requirements, including a possible capital increase, to enable the company to strengthen its balance sheet.”

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