The administrators of Laura Ashley will have more time to find a buyer for the embattled homewares retailer, after being granted an extension by the courts.

Earlier this week, the Supreme Court of Victoria extended the convening period for the second meeting of creditors to May 19, 2016. Which means the business remains under the control of the administrators for a further period.

“We sought this extension after receiving indicative offers for the acquisition of the business assets as a going concern, and now require more time to progress negotiations with those parties,” said administrator Ross Blakeley from FTI Consulting.

“While the negotiations are ongoing, the administrators are hopeful that the process will lead to a binding sale.”

The administrators have written to creditors advising them of the extension to the convening period, and employees have also been kept up to date with the process.

Administrators from FTI Consulting were appointed on January 7 to restructure the business, which has been trading in Australia since 1971 under a license agreement from Laura Ashley UK.

So far the administrators have closed 12 stores, leaving 25 open within the store network.

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