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| Laura Ashley blames coronavirus as it heads for administration | |
| (32 minutes later) | |
| Struggling fashion and home retailer Laura Ashley is to appoint administrators after being hit by the impact of the coronavirus outbreak. | Struggling fashion and home retailer Laura Ashley is to appoint administrators after being hit by the impact of the coronavirus outbreak. |
| The firm said the outbreak "has had an immediate and significant impact on trading". | The firm said the outbreak "has had an immediate and significant impact on trading". |
| It had been in talks with its lenders about accessing sufficient money to allow it to continue trading. | It had been in talks with its lenders about accessing sufficient money to allow it to continue trading. |
| But based on cashflow forecasts and continued virus uncertainty, it said it would not get those funds in time. | But based on cashflow forecasts and continued virus uncertainty, it said it would not get those funds in time. |
| In February, the retailer made an appeal to its lenders, Malaysian group MUI and Wells Fargo, after "challenging" trading, which caused a sharp drop in its share price. | |
| On Tuesday it said those efforts had failed: "For the seven weeks up to 13 March, trading for the Laura Ashley business improved by 24% year-on-year and the directors were encouraged by this strong performance. | |
| "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." |