Laura Ashley to close 11 European stores
Franchise partners sought to reduce losses
November 8 2002
Fashion retailer Laura Ashley has announced the closure of 11 stores in France and Germany following a review of its operations.
The company said in its interim results announcement in September that it wants to franchise its Continental European businesses and is actively seeking franchise partners.
A statement said: “In the meantime, the Company is taking action to reduce losses in Continental Europe and after a review of its portfolio of stores, has decided to close five stores in France and six in Germany. It is currently in discussion with relevant works councils.”
The company is also reducing the number of new stores to be opened in the UK this year and next year. In all, 16 new stores will be opened this year and stores planned for next year are under review. Laura Ashley said it wanted to “focus on maximising the profitability of the existing store portfolio.”
For the six weeks ended November 2, the company said total like-for-like sales are up 7 per cent with fashion sales up 17 per cent.
