Administrators are set to be appointed at Joules after the retailer failed to secure rescue financing.
The company had launched negotiations with investors and hoped to cut its rent bill with a company voluntary arrangement.
However, it said it had failed to arrange a bridging loan to avoid defaulting on a bank loan, adding that discussions had “not been successful and have now terminated”.
Joules has filed a notice of intention to appoint Interpath Advisory as its administrator.
