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Nov 18 (Reuters) – South African retailer TFG TFGJ.J is exploring a bid to take control of Britain’s Joules Group JOUL.L, Sky News reported on Friday, days after the struggling clothing company went into administration.
Joules became the latest retail collapse in Britain after its finances, profitability and cash generation came under pressure amid a cost-of-living crisis that has pinched consumer spending.
TFG, owner of British brands such as Phase Eight, Hobbs, Whistles and Damsel, was in talks with Joules for several weeks about investing in the business in return for a substantial stake before it appointed administrators, the report said.
Shares of Johannesburg-listed TFG were trading 2.4% higher after the news.
The companies did not immediately respond to Reuters requests for comment. Advisory firm Interpath Ltd, which has been tasked with managing Joules in administration, declined to comment.
Joules employs 1,600 people and has 132 shops in Britain and Ireland.
Earlier this month, online furniture seller Made.com MADE.Lcollapsed into administration, resulting in about 400 job losses.
(Reporting by Aby Jose Koilparambil, Prerna Bedi and Amna Karimi in Bengaluru; Editing by Devika Syamnath)
((abyjose.koilparambil@thomsonreuters.com; +919986528692;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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