Nov 4, 2019
Mothercare to put UK unit in administration
Mothercare, the struggling retailer of baby products, is set to appoint administrators to its UK business putting over 2,000 jobs at risk. The company said in a statement that it had filed a notice of intent to appoint administrators to Mothercare UK and Mothercare Business Services. Mothercare undertook a substantial restructuring last year which involved a company voluntary arrangement to close 60 stores in the UK. Since then, it has sold and leased back its Watford headquarters and sold Early Learning Centre to The Entertainer to raise cash. Richard Lim, chief executive of Retail Economics, said the likely demise of Mothercare in the UK was "One of the most highly anticipated collapses on the high street". In early trading, Mothercare shares were down 20 per cent at 9p - well below the 19p level at which the company raised fresh funds from shareholders last year.
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