CREDITORS OWED OVER $2.3M

Four Laura Ashley stores in New Zealand have been closed, owing unsecured creditors more than $2.3million. Laura Ashley New Zealand, which was operating under licence to the British furnishings and homeware brand, was placed into administration in early June by its sole creditor Daryl Chait.

Initially, only two stores were closed, North Shore and Hornby, with stock being moved to Riccarton and Newmarket. However, these stores have also shut their doors while the company moves into liquidation.

Laura Ashley in the United Kingdom has since revoked the New Zealand license, with no possible way to salvage the business.