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Higher rents tends Laura Ashley to close its Regent Street outlet
21 Jun '05
1 min read
Leading fashion and home furnishing retailer Laura Ashley Holdings PlC unveiled its intention to shut down its store on London's Regent Street following the Queen of England's property estate increased the rent for the first time in 48 years.
Ashley Chief Executive Lillian Tan informed that rent was raised 19 times, which made the outlet's current operation unaffordable.
Giles Finch, a spokesman for the UK's Crown Estate stated that the rent was last evaluated in 1957.
Tan explained that due to the rent increase, the company found it not possible to work there any more, however she stayed unanswered to unveil the amount of at present rent.
Laura Ashley's decision followed House of Fraser Plc that decided to close down its 170-year-old Dickins & Jones outlet on Regent Street, due to the higher rental costs.
Laura Ashley closed 22 retail outlets in the UK in its previous financial year and it has opened six others.
Ashley Chief Executive Lillian Tan informed that rent was raised 19 times, which made the outlet's current operation unaffordable.
Giles Finch, a spokesman for the UK's Crown Estate stated that the rent was last evaluated in 1957.
Tan explained that due to the rent increase, the company found it not possible to work there any more, however she stayed unanswered to unveil the amount of at present rent.
Laura Ashley's decision followed House of Fraser Plc that decided to close down its 170-year-old Dickins & Jones outlet on Regent Street, due to the higher rental costs.
Laura Ashley closed 22 retail outlets in the UK in its previous financial year and it has opened six others.
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