Laura Ashley's Malaysian owner in talks to secure crisis funding

PETALING JAYA: Malaysian-owned fashion and furniture retailer Laura Ashley has confirmed that it is in make-or-break talks with its bank over access to emergency funding after disclosing a slump in sales amid “challenging” times.

Laura Ashley employs more than 2,700 workers in 155 stores across the country, and there are plans to close more outlets, the report said. Laura Ashley reported a 10.8% decline in sales year-on-year in the second half of 2019, blaming “market headwinds and weaker consumer spending”, which it said had dampened demand for larger, more expensive items.It said the pressures on the retailer have been exacerbated by a fall in stock levels after Christmas, which has reduced its ability to offer assets in exchange for secured loans.

The reported quoted Andrew as saying: “We acknowledge that recent trading conditions, in line with the overall UK retail market, have indeed been challenging.

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