Laura Ashley Closes 40 Stores

Laura Ashley (London) plans to close about a quarter of its U.K. stores amid what the company’s new Chairman Andrew Khoo is calling a “challenging environment.”

Khoo, who took over the role from his father last week, announced plans to close 40 stores. Despite reducing the number of stores in the country, the company plans to increase the size of stores so that they are larger. It is also looking to expand the company’s presence in China.

According to The Guardian, Laura Ashley is the latest chain to announce store closures following a difficult year of sales in the U.K. that’s being attributed to unseasonable weather, a stagnant housing market and low consumer confidence.