Next and Joules founder Tom Joule will take over the business after it went into administration last month.
Next said it plans to continue to run around 100 of Joules’ 124 stores and will transfer over around 1,450 members of shop and head office staff.
The deal will see Next own a 74% stake in the business, with Tom Joule owning the remaining 26% share.
The company drafted in administrators from Interpath Advisory last month after failing to secure emergency funding following a surge in costs and slowdown in customers demand.
Tom Joule said: “After three years away from the operational side, I’m truly looking forward to inspiring teams with clear direction to excite and recapture the imagination of the customer again.
“I’m so pleased that we have been able to strike a deal that protects the future of the company for all its loyal customers, its employees and also for the town of Market Harborough, which have been so central to Joules’ success.”
It comes weeks after Next bought the brand, websites and intellectual p
The full list of shops that will close on Thursday is below. Carmarthen Cheltenham Chichester Edinburgh Exeter Gateshead Lyme Regis Newbury Northcote Road Oxford Peak Village Peterborough Reigate Salcombe Fore Street Sherborne Southwold Little Joule St Davids Waterloo Watford