Laura Ashley rescued: Administrators agree deal with restructuring firm Gordon Brothers
The Laura Ashley brand has been saved after its administrators agreed a sale to Gordon Brothers.
The fashion and homeware store went bust last month after it failed to raise emergency cash from its owners, becoming the first household name to fall victim to the coronavirus lockdown.
Gordon Brothers is a restructuring and investment company that focuses on global expansion and building brands’ online presence.
Rescue deal: Fashion and homeware store Laura Ashley went bust last month after it failed to raise emergency cash from its owners
It has bought the global Laura Ashley brand and is understood to be looking at taking on some of the 150 shops that have shut.
But PwC, which is handling the administration, is still looking for a buyer for Laura Ashley’s UK operations – its shops, online business and distribution network, and manufacturing operations.
The sale came a day after furniture chain Cath Kidston went bust leading to 60 stores and 900 jobs being axed.
Laura Ashley has grown into a globally recognised brand since it was founded in 1953 by the eponymous fashion designer and her husband Bernard.
Celebrity fans included Princess Diana, who wore it through the 1980s.
Experts blamed its demise on an inability to keep up with the times and update its hallmark prints.