Mothercare UK swings axe of 50 stores and brings back ousted CEO
17 May, 2018, 13:49 | Author: Wade Massey
Mothercare has 13 stores in the region: Manchester Fort, Crown Point Denton - which has already lost its M&S Outlet this year - Stockport, Macclesfield, Altrincham, Warrington, Blackburn, Prescot, Preston, Aintree Racecourse Retail Park, Bromborough, Chester and Llandudno.
In an attempt to save the company, Mothercare has entered into a company voluntary arrangement (CVA) to prevent the closure of all its retail stores.
The stores are expected to close within a year.
Mark Newton-Jones was sacked by the then chairman Alan Parker - who has himself subsequently stepped down.
It is thought that David Wood, the former Tesco executive who had replaced Mr Newton-Woods, will shift to another position with the group, although it was not clear what this role would be this evening.
Putting media speculations to rest, Mothercare has confirmed measures to refinance its business and restructuring of its United Kingdom store portfolio.
As part of the restructuring, Mothercare also announced a refinancing package worth up to £113.5 million.
Mothercare has announced that 50 stores across the country are to close which could include the Isle of Wight’s only store in Carisbrooke
"The recent financial performance of the business, impacted in particular by a large number of legacy loss making stores within the United Kingdom estate, has resulted in an unsustainable situation.meaning the group was in clear need of an appropriate resolution", said interim executive chairman Clive Whiley. "These comprehensive measures provide a renewed and stable financial structure for the business and will drive a step change in Mothercare's transformation", Interim Executive Chairman Clive Whiley said.
Earlier this year, toy store chain Toys R Us collapsed into administration, as did electronics retailer Maplin.
Shares in Mothercare were up 4.8 pence at 26.6 pence at 0832 GMT, valuing the business at 46 million pounds.
That won't be the only measure Mothercare wants to introduce; it also wants landlords of 21 other sites to agree to "material" rent reductions in a bid to dramatically cut its cost base.
The company also has secured maturity extension to its committed debt facilities of GBP67.5 million and GBP8 million in new loans from some large shareholders.
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