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Closure follows troubled retailer’s rescue

Rescued retailer Joules is to close its Peterborough store despite a last-minute deal with fashion giant Next.

The store in the Queensgate Shopping Centre has been named as one of 19 Joules branches that are to shut across the UK under the £34 million deal with Next.

Joules, which went into administration two weeks ago, occupied a store on the ground floor.

Tom Joule founder of retailer Joules, which is closing its Peterborough store.

It has not been disclosed how many staff it employed but the closure of the 19 stores will mean the loss of 133 jobs.

Joules, which has its HQ in Market Harborough, has been bought by Leicester-based Next after the retailer made a last minute bid before a 12pm deadline on Thursday.

Next has paid £7 million for the Joules head office and will take on 100 stores, saving 1,450 jobs.

Next will own 74 per cent of the retailer, with 26 per cent held by founder Tom Joule.

Retailer Joules set to close store in Peterborough's Queensgate Shopping Centre