Laura Ashley to permanently close 70 UK stores

Laura Ashley will shut 70 stores in the UK permanently, as it collapses into administration. The closures, which take effect today, will affect around 721 staff. Its remaining 77 stores will continue to trade as normal. The retailer has appointed PwC as administrators to the company. The firm will engage with parties on its options going forward, with the aim of securing a buyer for the business. The company will request to delist from the London Stock Exchange. Katharine Poulter, chief executive of Laura Ashley, who was appointed to the role last month, 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.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette