Laura Ashley falls victim to administration again
Mon 3 December 2018 - 6:20 pmNews
With a string of retail outlets falling victim to tough conditions, Laura Ashely has yet again gone into administration. This is the second time in two years.
The retail outlet has stores in all Australian cities.
Administrators from insolvency firm KordaMentha have been appointed to the group’s Australian business.
Co-administrator Craig Sheppard said the business “has been hurt by the same factors affecting many other fashion retailers — a becalmed retail environment, rising fixed costs and fierce competition from online retailers”.
“The capital requirements to revive and grow the business became too burdensome as retail conditions became tougher,” he said.
This news follows the likes of retailers such as Roger David which also went into administration in recent times.
The first administrators meeting will be on the 13th of December in Melbourne.
Laura Ashley arrived on Australia shores around 35 years ago and at it’s peak boasted more than 45 stores.