BOLTON’S retail sector has been dealt yet another blow as it looks set to lose another household name.

Fashion chain Laura Ashley has filed for administration thrusting the future of its outlet at the Middlebrook Retail and Leisure Park into doubt.

The move has also put up to 2,700 jobs at risk and comes after rescue talks were halted by the coronavirus outbreak.

The troubled retailer had been in talks with stakeholders over refinancing, but it said its “revised cash flow forecasts and increased uncertainty” mean it will not be able to secure these funds in sufficient time.

Largest shareholder Mui Asia said it was unable to support the retailer with “financial support in the required timeframe”.

Laura Ashley said it hired advisers from PwC to oversee the administration on Tuesday.

The retailer operates 150 stores in the UK and employs around 2,700 staff.

Earlier this week, it was reported that it was in discussions about the £15 million loan with private equity fund Hilco Capital to finance its immediate working capital requirements.

Laura Ashley said it had seen an upturn in sales in recent weeks, with trading up 24% year on year for the seven weeks to March 13.

However, it said the Covid-19 virus outbreak has “had an immediate and significant impact on trading, and ongoing developments indicate that this will be a sustained national situation”.

The announcement comes after a challenging period for the clothing and furnishings brand, which saw pre-tax losses balloon to £4 million in 2019.

Sales for the year also plunged by 11% to £109.6 million for the year.

Shares in the company plummeted 68.9% to 0.3p in early trading on Tuesday. It has also asked for its shares to be suspended from trading on the London Stock Exchange.

Laura Ashley and the Middlebrook Retail and Leisure Park have been approached for comment.

This news comes at a difficult time for Bolton’s retailers with the town seeing the loss of several high street stalwarts and popular outlets in recent months.

In January it was announced that Topshop and Topman in Bolton’s Market Place shopping centre would close which was soon followed by the loss of the Your clothing shop for plus-sized women, which will shut on Sunday.

Question marks also remain over the future of GAME in Newport Street after bosses said 40 stores were set to close across the UK.

And last year it was announced Homebase at Middlebrook was set to be replaced by discount supermarket Home Bargains.