Tue Mar 17, 2020 7:12 pm
Fashion chain Laura Ashley files for administration
Luxury high street fashion store Laura Ashley has filed for administration, putting thousands of jobs at risk.
Rescue talks were originally halted by the coronavirus, but for some time now the retailer has been struggling financially.
Talks had been taking place with stakeholders over financing, but Laura Ashley said its "revised cash flow forecasts and increased uncertainty" mean it will not be able to secure these funds in sufficient time.
Laura Ashley said it had seen an upturn in sales in recent weeks, with trading up 24% year-on-year for the seven weeks to March 13.
However, it said the virus outbreak has "had an immediate and significant impact on trading, and ongoing developments indicate that this will be a sustained national situation".
The situation has put 2,700 jobs at risk, with some of these across Coventry and Warwickshire.
There are four Laura Ashley stores across the region, located in Leamington, Rugby, Stratford and Solihull.
Tue Mar 17, 2020 7:13 pm
rebbonk wrote:Carphone warehouse has announced closure and Laura Ashley are entering administration
Fri Mar 27, 2020 5:29 pm
BrightHouse on brink of administration with thousands set to lose their jobs
Thousands of jobs are under threat with rent-to-own giant BrightHouse reportedly set to enter administration.
The company - which has stores in Coventry, Nuneaton and Rugby - is expected to appoint accountancy firm Grant Thornton as administrator on Monday (March 30) after its investors withdrew support for a proposed restructuring, according to Sky News.
The move could see more than 2,400 workers lose their jobs across the country.
A spokesman told Sky News on Friday: "The national response to the Covid-19 pandemic has required us to prioritise the health and well-being of our staff and customers, in particular by closing all stores in the last few days.
"While we continue to actively engage with our stakeholders, these developments have made the task of finding a future for BrightHouse more challenging."
BrightHouse, which provides loans to consumers to purchase electrical items such as televisions and washing machines, trades from 240 stores across the UK and has roughly 200,000 customers, reports The Mirror.
Its administration is likely to mean that customers with outstanding mis-selling complaints will receive only a fraction of the sums they are seeking.
The company most recently went through a restructuring back in 2017 - last year it closed 10 per cent of its stores.
If the chain goes bust, it will follow the likes of Wonga, PiggyBank and Quidquid, which all collapsed over compensation claims after being pulled up for their eligibility checks.
Fri Apr 03, 2020 4:51 pm
Sat Apr 04, 2020 12:07 am
Sat Apr 04, 2020 1:19 pm
Mon Apr 06, 2020 5:02 pm
Sat Apr 18, 2020 10:57 pm
The Debenhams stores that will close in our area
Two Debenhams stores in Warwickshire will not be reopening after the nationwide lockdown, it has been confirmed.
Bosses at the department store have confirmed that seven stores will not reopen, including Leamington Spa and Stratford-upon-Avon.
According to The Mirror, the high street chain has said it has agreed terms to save around 120 of its 143 branches across the UK.
The retailer said talks are at an "advanced" stage on the remainder of its estate and that bosses are confident that deals can be arranged "in the coming days" but a "handful" more shops could be at risk.
It was unable to rule out further closures.
With two stores in Warwickshire set to close, it leaves branches of the UK's oldest department store in Coventry's West Orchards, Nuneaton, and Rugby, locally.
The company said it will work to "re-open and trade as many stores as possible" when restrictions are lifted.
Tue Apr 21, 2020 1:52 pm
Cath Kidston to close in Leamington in another blow for high street
Cath Kidston has confirmed it is closing all 60 of its UK stores - bringing more closures to local high streets.
The homeware, clothing, accessories and gift brand has a store in Leamington Spa's Royal Priors shopping centre which will now close along with 59 others in the UK.
The company confirmed today that it had called in administrators on Friday, April 3.
It is another blow for Leamington Spa's high street after Debenhams confirmed it was closing in the town as well as in Stratford-upon-Avon.
The brand will continue trading under parent company, Baring Private Equity Asia.
It will buy the brand alongside its e-commerce and wholesale businesses from administrators.
Thu Apr 30, 2020 1:13 pm