Next to Buy Collapsed UK Retailer Joules Out of Insolvency (1)

Next Plc has bought UK retailer Joules Group Plc out of insolvency for £34 million ($41.5 million), winning a bidding war against rival store owners.

The clothing and housewares retailer has teamed up with Joules founder Tom Joule to snap up the chain, which fell into administration on Nov. 16. The maker of colorful coats and Wellington boots had failed to secure bridge financing or raise equity, after warning that it would struggle to repay a £5 million loan due at the end of November.

Next had previously been in talks with Joules to buy a minority stake in the ...