Joules is on the brink of being rescued by Phase Eight owner The Foschini Group.
According to a report by Sky News, the South African company is moving closer to securing an agreement to acquire the majority of Joules’ stores and assets.
However, the deal could also result in a quarter of the retailer’s 132 shops closing with the potential loss of hundreds of jobs.
Joules is currently being run by administrators from Interpath Advisory while they seek a buyer. The company appointed administrators earlier this month after failing to secure a new cash injection.
Shortly afterwards, Will Wright, head of restructuring at Interpath Advisory and joint administrator, said there had been an overwhelming amount of interest in Joules and “we are optimistic that we will be able to secure a future for this great British brand.”