Laura Ashley Australian stores to shut after no buyer found
today Dec 18, 2018
All remaining Laura Ashley stores in Australia are set to close by the end of the year, after the troubled fashion and furniture brand failed to find a buyer to save the business.
Laura Ashley’s Australian arm fell into administration earlier this month, and appointed Craig Shepard and Leanne Chesser of KordaMentha Restructuring to search for a buyer and clear as much stock as possible in the pre-Christmas period.
The business, which operates under license from Laura Ashley UK, attracted interest from three potential buyers, but administrators said a deal failed to materialise.
“Despite a number of parties engaging in an Expression of Interest process, there was no offer for the business as a going concern," administrator Craig Shepard said on Monday.
Having more than 45 stores in Australia at its peak, Laura Ashley will now focus on an “orderly closure” of its remaining 16 stores in the next two weeks.
“Laura Ashley customers are invited to shop for a Christmas bargain. We thank all the loyal staff for their support of the brand during the administration,” Craig Shepard continued.
The UK business will not be affected by the Australian administration, but in separate news Laura Ashley UK announced this week plans to close 40 UK stores as part of a strategy change to focus on growing more in Asia.
Laura Ashley was introduced in Australia more than 35 years ago, and currently employs 100 people.
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