UK-based clothing retailer Joules is, reportedly, working with financial advisory firm Interpath Advisory amidst company voluntary arrangement (CVA) rumours.
The advisory firm is helping the retailer with its turnaround plan.
In a statement released to media, the Interpath Advisory is assisting the board with an initial assessment of certain elements as part of the development of this turnaround plan.
This came in the wake of a report by Sky News which said Joules has been working with Interpath Advisory on a CVA, which may lead to store closures and job cuts, once approved.
Meanwhile, media reports added Joules had not formally launched a CVA or restructuring plan but was ‘seriously looking’ at the possibility.
Last month Joules had said that it is no longer in talks with UK retailer Next about a potential purchase of around £ 15 million of its shares.
Joules sells clothing and homeware products inspired by British country lifestyles. Founded in 1989, it is known for selling apparels at country shows.