Following its administration filing, the CEO of Oasis/Warehouse has stepped down from the business. The company hasn’t confirmed the news but Hash Ladha’s LinkedIn profile has him listed as having left the company.
As the Covid-19 crisis continues, brands that aren’t well established will have a tough time surviving, even if they’re owned by big names. So it was no surprise to learn that River Island-backed Harpenne has been axed.
Only yesterday, Laura Ashley was still seeking an emergency cash injection to keep it going and talking about a sales improvement. But as of today, the company is filing for administration. Some 2,700 jobs are at risk.
Struggling Laura Ashley was one of few retailers to have good news in its latest trading update on Monday. It said the six weeks to March 7 saw its total sales rising 27.7% year-on-year with gross profit rising 22.2%.
With its new CEO and short-term funding in place, Laura Ashley has released a weak set of results with losses increasing and even e-tail sales dropping. But the firm is upbeat and sees international opportunities ahead.