Laura Ashley closes NZ stores, owes creditors $2.3mNEWSCAST/UGI/GETTY IMAGES Laura Ashley had been present in New Zealand since 1996. Four Laura Ashley stores in New Zealand operating under licence to the British furnishings and homeware brand have closed, owing unsecured creditors more than $2.3 million. Then, with only one store left open, Laura Ashley in the United Kingdom withdrew the New Zealand licence. "One of our decisions will be whether it's in the interests of creditors," Dalton said. On an industry website, Ragtrader, Chait reportedly told Australian creditors that the company's demise was due to ordering and inventory problems after updating an aged IT system.

Source: Stuff June 29, 2016 05:26 UTC