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South African Foschini Group mulls bid to rescue Joules

The South African owner of Phase Eight and Hobbs is considering making a bid to buy Joules out of administration. According to Sky News, The Foschini… View Article

FASHION

South African Foschini Group mulls bid to rescue Joules

The South African owner of Phase Eight and Hobbs is considering making a bid to buy Joules out of administration.

According to Sky News, The Foschini Group was in talks with Joules for a number of weeks prior to the lifestyle fashion brand appointing administrators. Discussions centred around TFG investing in the company in return for a substantial stake.

The news outlet has reported that industry sources have said that TFG’S UK arm, TFG London, is now considering making an offer.

Administrators from Interpath Advisory are currently managing Joules whilst seeking a buyer.

Joules appointed administrators last week after failing to secure a new cash injection.  The brand’s collapse has put 1,600 jobs at risk.

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