Crew Clothing’s owner, Brigadier Acquisition Company Limited, is reportedly considering a takeover bid for struggling British fashion retailer Joules.
Brigadier joins a growing list of companies reportedly interested in Joules, including Whistles owner TFG, Next, Frasers Group and Marks & Spencer. Joules was forced to file for bankruptcy last week after being hit hard by the pandemic and changing shopping habits in recent years.
Brigadier, whose portfolio also includes Moss Bros and Saltrock, is said to be in talks for a possible bailout deal with insolvency administrator Interpath Limited, Drapers reports.
Most recently, Joules employed around 1,600 people and had 130 branches in Great Britain. According to the report, if Brigadier were to be acquired, some of the Joules businesses would likely be rebranded as Crew Clothing. It says Brigadier wants to downsize Joules by about 40 percent to become profitable.
Joules has been close to an investment deal with retail giant Next in recent months, but a profit warning from Joules caused the share price to fall, prompting Next to end talks. Next planned to invest £15 million in Joules.
This translated and edited post previously appeared on FashionUnited.uk.