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CORONAVIRUS NEWS: Laura Ashley files for administration saying it has done so because of impact of virus

Uncertainty surrounds the future of Laura Ashley in Stratford following news that the company has entered administration, a move it says was triggered by the impact of coronavirus.

The company, which has a store on Bridge Street, has reportedly been in talks with lenders to allow it to access money to continue trading, however the coronavirus outbreak has had an immediate and significant impact on trading.

A statement from the company said: "Further to the Company's announcement on 13 March 2020, the Company has continued to closely monitor the impact of the COVID-19 outbreak and has reviewed its immediate cashflow forecasts.

"For the seven weeks up to 13th 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."

It goes on to explain that other options had been explored but in order to protect creditors the company had now moved to appoint administrators.

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