Fashion chain Laura Ashley announces closure of 70 stores with the loss of more than 700 jobs after filing for administration amid coronavirus outbreak
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Laura Ashley has announced the permanent closure of 70 stores, with 721 employees set to lose their jobs.
It comes after the fashion and furnishings retailer slid into administration earlier this month, blaming the impact of coronavirus for tipping it over the edge.
It said it will continue to trade from its remaining 77 UK stores, which will remain open while online operations also continue to trade.
A woman wearing a face mask walking past a Laura Ashley store in South Woodford, London
The troubled retailer had been in talks with stakeholders over refinancing, but it said its ‘revised cash flow forecasts and increased uncertainty’ mean it will not be able to secure these funds in sufficient time.
Largest shareholder Mui Asia said it was unable to support the retailer with ‘financial support in the required timeframe’.
Laura Ashley has announced the permanent closure of 70 stores, with 721 employees set to lose their job