Joules says CVA is a ‘potential option’ amid turnaround plan
The group also continues to assess its ongoing financing requirements, including a possible equity raise
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Joules has announced that a Company Voluntary Arrangement (CVA) is one of other “potential options” as the retailer develops its turnaround plan to drive higher profitability.
The company said it is making “good progress” in the plan, and that it continues to assess its ongoing financing requirements, including a possible equity raise to allow the company to strengthen its balance sheet and provide a “strong” platform to support the turnaround plan.
Overall, the turnaround plan includes a “better” pricing and promotional strategy, focusing on more profitable product categories with shorter time to market, and optimising the group’s channel mix.
Joules said it also continues to make good progress on its simplification agenda and cost management process.
Over a week ago (29 September), Joules confirmed rumours that it had appointed Interpath Advisory to discuss a CVA to pave the way for store closures, rent reductions and job cuts.
