(Sharecast News) - Laura Ashley will close 70 of its UK stores on Monday, putting more than 700 jobs at risk, as administrators start trying to find a buyer for the retailer.
The decision to close almost half the company's stores permanently will affect 721 people, it said. Laura Ashley said its remaining 77 shops in Britain would keep trading and that goods would be available online.
Laura Ashley became the first high-profile retail failure of the coronavirus crisis when it called in administrators on 17 March. The Covid-19 outbreak put extra pressure on the chain, which had issued a series of profit warnings before the outbreak.
The home and fashion retailer will ask a court to appoint Rob Lewis and Zelf Hussain of PwC as administrators on Monday. Their first task will be to look for a buyer for the business, founded by Laura and Bernard Ashley in 1954, the company said.
Katherine Poulter, who took over as chief executive in February, said: "I remain unwavering in my belief that Laura Ashley can and should retain the place it deserves in the international retail landscape. Unfortunately, we will lose some brilliant people through no fault of their own. However, I remain hopeful there is a buyer out there who shares my vision and can see the enormous potential of this iconic British brand that is known and loved around the world."
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