Struggling Despite rumors that it was on the verge of insolvency, the British fashion retailer Joules said it was advancing well.

After abandoning plans to put £15 million into the company, Next, a favorite of “yummy mummies,” announced that it was “forming its turnaround plan.”

Joules was mulling a company voluntary arrangement to eliminate loss-making locations and decrease rents.

This caused shares to decline 32.6%, or 2.42p, to 5p yesterday, bringing annual losses to 96%.

Joules has struggled with its finances due to cautious consumers’ response to soaring inflation, which has contributed to the rising cost of living.

In August, the rate of inflation in the United Kingdom was 9.9%, and it is anticipated that it will continue to climb, squeezing consumer discretionary spending.

However, Joules stated, “The group continues to evaluate its ongoing funding needs, including a prospective equity raising, to enhance the company’s balance sheet.”