PwC appointed administrators of Laura Ashley
Fashion retailer Laura Ashley has filed for administration, with PwC appointed as administrators.
The move comes after rescue talks for the firm were scrapped by the outbreak of Coronavirus.
The retailer has eight stores across Scotland and 150 across the whole of the UK, and its downfall has put 2,700 jobs at risk.
Laura Ashley had been engaging in talks with stakeholders over refinancing, but the firm said its “revised cash flow forecasts and increased uncertainty” mean it will be unable to secure these funds in sufficient time.
Laura Ashley said it had seen an upturn in sales in recent weeks, with trading up 24% year-on-year for the seven weeks to March 13, STV News reports.
However, the company said that the outbreak of the Coronavirus has “had an immediate and significant impact on trading, and ongoing developments indicate that this will be a sustained national situation”.