Joe’s is the second cereal brand to announce it will be closing down.
The other, Joe’s Fruit & Veggies, is a spin-off of Joe’s.
The company is the UK’s third-biggest cereal brand behind Kelloggs and Nestlé.
The cereal giant, which has a turnover of £1bn, announced it will close its stores by the end of June.
The announcement comes on the same day that the company said it will begin its exit from its own brands and sell off its assets in the process.
Mr Hetherington said: “The timing of this announcement is in no way coincidental.
It was inevitable, given the economic conditions at the moment, that we would be making the decision to close down Joe’s.”
Mr Hester said the company would also close its Australian stores.
“It’s the right thing to do for us as a company, and it’s something we are very happy about.”
We are also very committed to Australia.
We are going to have our own Australian franchise that will be in operation by the middle of next year.
“But we are also going to continue to sell out our Australian stores across our other brands and we are committed to doing that in order to have a viable business there.”
The company said the announcement would affect approximately 5,500 jobs, including around 5,000 staff in the UK and Ireland.
Joe’s has been run by Andrew Hethering since 2014.
Mr Kain said the decision was not an easy one.
“This was an absolutely difficult decision for the business to make.
It took a lot of hard work to put together, but we are pleased to have secured the financial resources to do so,” he said.
“We have now set the next stage of the business forward and the financial outlook is looking very bright.”
Joe’s is committed to providing a great product and great service for our customers, and we will continue to grow our business in order for our existing customers to continue enjoying their favourite brands and products.
“This is an important step in our strategy to continue our growth and we look forward to welcoming our loyal customers into our stores once again.”
The business has about 1,300 employees and is the fourth-bigger cereal brand in the US, after General Mills and Peanut Corp. The closure of the UK outlets means the Joe’s brands will be sold to a new company.
Mr Moulden said Joe’s would continue to operate in its current UK stores.