Jun 1, 2018

Mothercare stores to close as rescue plan backed

Creditors of struggling mother and baby products retailer Mothercare have backed a restructuring plan that will lead to the closure of 50 stores. Last month, the firm said it was in a "Perilous" financial position and confirmed that its rescue plan would involve closing 50 stores, a move that will put 800 jobs at risk. The retailer has already nearly halved its store numbers over the past five years. The company plunged to a £72.8m loss in its most recent financial year, as it took hefty charges to pay for closing stores and reorganising the business. Mothercare saw falling numbers of shoppers in the second half of the financial year and had to discount to try to stimulate sales.

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