After a challenging financial year and the collapse of acquisition negotiations with Hilco, Laura Ashley has now filed for administration according to various sources.
Following a 10.8 percent decline in total revenue due to market headwinds and weaker consumer spending across the 26 weeks leading to Dec. 31, 2019, the fashion and furniture retailer has assigned PwC as administrators to the Laura Ashley brand and its subsidiaries.
, the brand attributed the collapse of negotiations to the ongoing Coronavirus concerns sweeping the globe, calling it a “sustained national situation” but started 2020 above management forecasted profits.
Photo credit: Laura Ashley
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