C2 giveaway for Laura Ashley's European shops

Furniture and clothing retailer Laura Ashley is selling its loss-making stores in Switzerland, Austria and Italy for the princely sum of EUR2 (£1.38).

Laura Ashley has entered into conditional heads of terms for the disposal with EDMI Holdings. After the sale, separate franchise agreements will be set up.

In the year to January 25, the 10 affected stores made a pre-tax loss of£1.3 million on£6.6 million sales. Four stores will close.

The ailing group appointed new joint chief executives in May - former Attorney General of Malaysia Ainum Mohd-Saaid and accountant Rebecca Navarednam.