It was announced today that a buyer has been found for 12 of Joy’s 28 retail stores, following its collapse into administration.
And it seems that of the two brands, Joy and cookshop brand Hob, Hob may be the one to survive.
The 12 stores have been purchased by Louche London and remain in operation. Louche London Ltd is currently in negotiations with landlords and suppliers regarding the future trading of the business.
Little information is available about the purchaser, except that it was incorporated on August 18 this year. One of the directors of the new company is Maureen Chadha, co-founder of the original Joy chain.
She is also a director of another company, incorporated on the same day, Hob (Clarence Dock) Ltd, an indication that the new company may be planning to concentrate on the cookshop part of the business rather than the fashion side.
A statement issued today blamed the company’s collapse on “a number of underperforming shops, principally in shopping centre locations outside London, which undermined the quality of its portfolio. Coupled with the difficulties of the current economic climate, this led to the need for the company to be placed into administration.”