UK DIY News
Laura Ashley Hires Additional Administrator
On Thursday 16th April, the Laura Ashley group applied to add a third administrator.
Laura Ashley's counsel, Madeleine Jones, said the application for a third administrator was being made “out of an abundance of caution”, as one of the joint administrators (Robert Lewis) “has a lot of competing duties”.
She added that this was “unsurprising” given “the current economic crisis that is going alongside with the health crisis” and stated that the application had not been made “out of any difficulty that has already arisen”.
An order approving the appointment of Rachel Wilkinson, a director of PwC, was made by Judge Catherine Burton.
Robert Lewis and Zelf Hussain of PwC were appointed as joint administrators on 24th March, following the retailer's announcement on the 17th March that it intended to appoint administrators to engage with parties who are interested in acquiring the business.
All 147 UK Laura Ashley stores closed on 23 March due to government restrictions on trading during the COVID-19 pandemic, with 70 closed on a permanent basis following a review of their longer term viability. It is currently anticipated that all stores will reopen (when guidance permits) for a period of time, either because the stores form part of a sale of the business or to sell through the stock on hand.
Source : Insight DIY Team
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