The Foschini Group, which owns Hobbs and Phase Eight, has written to Joules’ administrators to complain about the way its bid for the high street brand was trumped by Next, Sky News learns.
TFG is said to be seeking to recover the costs it incurred on it ultimately failed bid to buy Joules.
"Thereafter, a materially better offer for the business was received, which the joint administrators concluded represented the best outcome for the Company's creditors. It then hired Interpath to consider an insolvency procedure - known as a company voluntary arrangement - that would have allowed it to slash its overheads through store closures, rent reductions and job cuts.
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