Designer British retailer Laura Ashley has announced the permanent closure of 70 of its stores, after it failed to secure funding.
The move could see 721 Laura Ashely employees out of work during a global pandemic. Laura Ashley had already been struggling with tough high street conditions and warned it need £15million in rescue talks.
It had looked as though the iconic British brand may survive, as it reported a 23% increase in trading in the seven weeks to March 13.
Unfortunately, killer bug COVID-19 had an “immediate and significant” impact on trading. It added that its main shareholder MUI Asia Limited won't be able to step in with the money that is needed on time.
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