The British retailer has filed for administration putting 2,700 jobs at risk. It has ceased trading on the London Stock Exchange.
Laura Ashley falls in the face of the coronavirus. The British retailer Laura Ashley has filed for administration, putting 2,700 jobs at risk. The company owned by MUI Asia Limited, which is controlled by the businessman Khoo Kay Peng, has stated that it is incapable of providing financial support in the expected timeframe.
Despite recording a 24% increase year-on-year in sales seven weeks up to March 13, the company has ceased trading on the London Stock Exchange after having explored all possible alternatives. “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,” the company said in a statement.
The group record recorded revenue of 232.5 million in 2019 (closed on June 30), a drop in comparison to 2018 where registered sales of 257.2 million pounds. The gross profit equally decreased from 98.1 million pounds to 82.1 million pounds. As per the group’s latest financial report, the company has 155 stores in the UK, 150 Mixed Product stores; 47 Home stores, 1 concession store, 1 Gift & Accessories store, and 1 Clearance outlet. Bernard Ashley, an engineer, and his wife Laura Ashley founded the company in 1953 that is controlled by the MUI Group of Malaysia.