Laura Ashley has collapsed into administration closing almost half of its 147 UK stores, including Bangor.
The fashion and furniture chain, which opened its first shop in Machynlleth in 1961, will keep 77 shops open and continue to trade online, as the business tries to find a buyer.
The company were reportedly negotiating a rescue package before the coronavirus outbreak, hoping to secure £15m before the end of this month to keep it going. Unfortunately the coronavirus outbreak had had a significant impact on trading and effectively ended any hopes of a rescue deal.
PriceWaterhouse Cooper, which is handling the administration, said: “Like many other retailers Laura Ashley has been hit hard by market headwinds and weaker consumer spending.
“For a retail sector already under severe pressure, the current environment driven by Covid-19 is unprecedented.
“In the current environment, we understand that the staff at the closed stores will have significant concerns, and so we will be working closely with them.
“Our support to those staff during this difficult time will include working with various agencies and employers who have vacancies.
“We will also, of course, be providing support to those staff at stores that remain open.“
