Laura Ashley goes into administration due to coronavirus
- Credit: Archant
Laura Ashley has filed for administration, putting up to 2,700 jobs at risk, after rescue talks were halted by the coronavirus outbreak.
The troubled chain runs two stores in Suffolk, in Woodbridge and Beccles, as well as stores in Colchester and Norwich.
It 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 said it hired advisers from PwC to oversee the administration on Tuesday.
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The retailer operates 150 stores in the UK and employs around 2,700 staff.
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