Laura Ashley On The Verge of Bankruptcy
Updated: Mar 24, 2020
The British brand Laura Ashley will close 70 stores due to the unstable financial situation, which was also worsened by the coronavirus pandemic. According to the company representatives, more than 700 employees may lose their jobs. In February, Laura Ashley had to close several stores due to a lower demand for Laura products. After this, sales of Laura Ashley decreased several times. Last year, Wells Fargo & Co Bank provided the brand with a loan of £ 20 million on certain conditions. However, due to a sharp decline in sales, the lender refused to provide the company again with money. “I still hope that there is a buyer who shares my vision and sees the enormous potential of this iconic British brand,” said Katherine Poulter, CEO of Laura Ashley, who was appointed to this position in early 2020 to help reviving the brand.