Laura Ashley files for administration
Laura Ashley has filed for administration after failing to secure £15 million of emergency cash to stay afloat. The move puts around 2,700 jobs at risk.The company said that owner MUI Asia was not willing to provide the extra cash, and could not secure a loan from elsewhere.
In a statement the company said “The Covid-19 outbreak has had an immediate and significant impact on trading, and ongoing developments indicate that this will be a sustained national situation.”
Adam French Consumer Rights Expert at Which? said “Laura Ashley going into administration amid the coronavirus crisis is another serious blow for the high street.”
“For the time being stores will remain open and your consumer rights should be unaffected, but we would advise anyone with a Laura Ashley gift card to consider spending it online as soon as possible.
“If there is something you are planning to buy from Laura Ashley that is worth more than £100, make sure you use a credit card as you’ll be able to make a claim against your credit card company to recover the money if anything goes wrong.”