Home Business NewsBusiness Struggling Mothercare to shut 60 stores, 900 jobs at risk

Struggling Mothercare to shut 60 stores, 900 jobs at risk

by Purvai Dua
9th Jul 18 10:58 am

Struggling Mothercare has announced plans to shut 60 stores by June 2019, instead of the 50 previously earmarked for closure. The closures has reportedly put 900 jobs at risk, up from the 800 previously stated.

The retailer also said that it seeks to raise £32.5m through issuing new equity to existing shareholders as part of a survival plan.

Chief executive Mark Newton-Jones added: ‘After a very challenging period for our business, we have now finalised arrangements to restructure and refinance the Group, ensuring that the transformation of the Mothercare brand we started four years ago can now be completed. Mothercare is a great British brand with over 50 years of heritage and we now have the financing in place to take it forward for many more years to come.

We have seen an unprecedented period for UK retail and we have not been alone in facing a number of strong headwinds. I’m pleased to say however, that we are now in a position to re-focus on our customers and improve the Mothercare brand both in the UK and across the globe.’

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