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Laura Ashley appeals for funding as sales fall 10%

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Fashion and home retailer Laura Ashley is in talks with a key lender to enable it to access sufficient money to allow it to continue trading.

The retailer said if it could not get the “requisite level of funding” then it would need to “consider all appropriate options”.

Trading continued to be “challenging”, with sales falling by 10.8% in the second half of 2019, it said.

It blamed the fall on “market headwinds” and “weaker” spending”.

It said this had led to a decline in sales of more expensive items.

Laura Ashley welcomed the funding talks between its Malaysian owner MUI and its lender Wells Fargo. In addition it said it was “well advanced in developing its turnaround strategy, the execution of which remains at an early stage, but the management team is encouraged by the early signs”.

In December 2018, 40 Laura Ashley stores were earmarked to close, amid tough trading conditions on the UK High Street.

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By Laura Price

Laura is the senior writer and Smartphones section editor responsible for managing software updates and smartphones section. She is very passionate about Gadgets & Technology and always looking around to use them in an innovative way in daily life. She reviews Gadgets & Applications to tell users about their optimum use to get the most out of in which they’ve put their time and hard earned money.
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