‘Crucial step forward’
Struggling chain Mothercare will be closing about 50 of its 137 stores by June next year, putting 800 jobs at risk, after creditors approved a financial rescue package today.
Clive Whiley, interim executive chairman of the struggling retailer, said the deal was a “crucial step forward to achieve the renewed and stable financial structure for the business that will drive an acceleration of Mothercare’s transformation”.
Whiley added: “We are very grateful for the support of our many stakeholders across our creditor base in supporting today’s CVA proposals. Their forbearance and support today is a crucial step forward to achieve the renewed and stable financial structure for the business that will drive an acceleration of Mothercare’s transformation.
“These measures provide a solid platform from which to reposition the group and begin to focus on growth, both in the UK and internationally.”
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