Laura Ashley's brand name has been sold out of administration - but its shops and manufacturing operations remain in the hands of administrators.
The company - founded in Mid-Wales in 1953 by husband and wife team Bernard and Laura Ashley - went into administration last month, with fears over its future and more than 1,700 jobs.
But today the joint administrators from PwC secured a sale of the Laura Ashley brand to Gordon Brothers Brands, LLC, for an undisclosed amount.
This includes use of the global brand, its archives and related intellectual property.
All Laura Ashley stores have been closed since 24 March 2020 in line with government lockdown restrictions, however, the e-commerce business has continued to trade while working within social distance guidelines.
The administrators continue to prepare stores to reopen once permitted and explore options to preserve as much of the retail, manufacturing and distribution operations in the 海角视频 and Ireland as possible.
They have secured an agreement with the new brand owners to continue using the stores under the Laura Ashley name.
The new firm said it could maintain 鈥渁 streamlined portfolio鈥 of stores in the 海角视频 and Ireland but will place 鈥渟trong emphasis鈥 on building Laura Ashley鈥檚 ecommerce operations.
Ramez Toubassy, president of Brands for Gordon Brothers, which specialises in turning around struggling brands, said:聽 鈥淟aura Ashley is a true giant among British lifestyle brands, possessing a unique ability to span geographies, product categories, and price points.
鈥淲e feel humbled and inspired by the responsibility to reignite Mrs Ashley鈥檚 original vision while delivering unique and contemporary products to both long-time followers and new customers from around the world.鈥
Rob Lewis, joint administrator and PwC partner, said: 鈥淲e are extremely pleased to have secured a sale of the brand, which is a testament to the strength and world wide recognition of the Laura Ashley name.聽
"We are continuing to support employees and work with the management team and interested parties to secure a future for the 海角视频 operations.鈥
