The fashion firm Joules has formally fallen into administration, putting 1,600 jobs and the future of the retailer’s 132 shops at risk. The company said on Monday it had filed a notice to appoint administrators after failing to secure emergency funding. It has now hired administrators from Interpath Advisory, who said shops would stay open while they “assess options for the business”. Interpath added that it had witnessed “overwhelming” interest from potential suitors to snap up the brand and its assets since it revealed plans to enter insolvency. The firm made the move after emergency talks last week with investors, including its founder Tom Joule, failed to raise the required funds. Will Wright, the head of restructuring at Interpath Advisory, said: “Joules is one of the most recognisable names on the high street, with a unique brand identity and loyal customer base. “Over the coming weeks, we will endeavour to continue to operate all stores as a going concern during this vitally important Christmas trading period while we assess options for the group, including a possible sale. “At this stage we are optimistic that we will be able to secure a future for this great British brand.” Joules said all stores and concessions will operate as normal, while online orders will also be delivered as usual. It added that valid gift cards can still be redeemed, but customers will no longer be able to buy new gift cards. Customers will also be able to exchange items in stores but will no longer be offered refunds after the administration. Joules, which is best known for its jackets and patterned wellington boots, has been struggling for months with falling sales. It has attributed the slower trade on the cost of living crisis and on the UK summer heatwave, which reduced demand for its posh winter wellies. The value of shares in Joules had fallen by more than 95% over the course of the past 12 months to 9.22p last Friday. At that price, the company’s market value was £10.3m. Its net debt at the end of October was £25.7m, with a £5m revolving credit facility due to be repaid on 30 November. The company’s founder, Joule, who created the company in 1989 after spotting a market for colourful wellies at country fairs, said on Monday he was sorry for a “deeply disappointing day for Joules, and a sad day for me personally”. The entrepreneur made tens of millions of pounds from floating the company in 2016 on London’s Aim stock market, but continued as a non-executive director. He returned as an executive in September to try to lead a last-ditch turnaround.