Laura Ashley Holdings PLC, the British clothing and home furnishings retailer, said today it will close seven factories and cut 1,500 jobs, or nearly a fifth of its work force.
The company said the moves are part of an ongoing cost-cutting program it began last year. It attributed the closures and cuts to a need to counter the effects of a strong British pound and high inflation.
The company said it will be left with 6,650 workers and two manufacturing facilities.
The company lost $18.3 million in the year ended Jan. 27, in contrast to a net profit of $15.7 million in the previous year.