Fashion retailer Joules closes shop in Chester city center
Fashion retailer Joules has confirmed the closure of its Chester city center store just days after the company issued warnings about the cost of living crisis. A notice recently appeared in the window of the St Werburgh Street outlet announcing that it was closing permanently.
Captioned ‘we are leaving Chester’, the notice read: ‘Goodbyes are always difficult and this one certainly does not come easily but we have made the decision to close our Chester store. We would like to thank you all lovely for supporting us over the years.
“But it’s not goodbye, not really. See you soon. Because you can still find us online at joules.com or at your nearest stores, which are now Cheshire Oaks Outlet and Nantwich. “
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The closure came after former CEO Nick Jones announced he would be leaving Joules after three years. Its share price fell by more than a third following the announcement, which also warned of how the cost of living crisis was hitting corporate profits.
“Joules has not been immune to these industry pressures, which have led the group’s earnings performance to fall below management’s expectations,” it said in a statement.
Joules added that lower demand for full-price items has impacted profit margins in its own channels. He also said profits would be impacted by “moderate” demand for home and garden products and reported that third-party sales were “weaker than expected” in some key accounts in the UK.
But Mr Jones said: “Joules is a fantastic brand with great people, loyal customers and a differentiated product offering. Supported by the strategic actions we are taking to optimize the business, Joules will emerge stronger and better positioned to achieve long-term profitable growth.
Joules is the latest fashion retailer to close its doors in the city centre. It comes about a year after Debenhams closed the iconic Browns of Chester store following its purchase by Boohoo.
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