By George Day • 17 March 2020 • 12:15
Fashion chain Laura Ashley has said it has filed for administration after rescue talks were thwarted by the Covid-19 outbreak.
This is the latest company to fall victim to coronavirus, following Primark closing one in five stores and the collapse of Flybe – other airlines also beginning to announce major cuts to flights and staff.
The retailer announced it is suspending trading after reviewing the impact of the coronavirus on its cashflow.
A statement said the business had been doing well during the seven weeks to March 13, with trading up 24% on the same period a year earlier.
“However, 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,” they said.
Main shareholder MUI Asia Limited will not be able to step in with the money which is needed in time. The company has therefore been forced to enter adminisration, it said.
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