British homeware and fashion store Laura Ashley has shut up shop in New Zealand after its new Australian owners have shown no interest in continuing the business this side of the Tasman.
Administrators Paul Sargison and Simon Dalton of Gerry Rea Partners were appointed on June 2, five months after the Australian operation appointed administrators.
Laura Ashley has operated in New Zealand for the past twenty years, with two stores in Auckland and two in Christchurch.
In their report, the administrators said when they were appointed two of the stores were closed immediately and the stock transferred to the remaining two.
They engaged with the purchaser of the Australian operation about the potential sale of the New Zealand stores.
The administrators' report said the company had been insolvent for "a considerable period of time" and "regrettably, a sale of the business was not feasible".
Staff at the stores were owed $19,234, but have since been paid. Unsecured creditors were owed $2.5 million, leaving a deficit of $2.3 million, according to the report.