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31 Jan – 4 Feb 2018
Mothercare is to close 50 underperforming stores and re-hire the chief executive it sacked just weeks ago as part of a wide-ranging shake-up.
The closures, which will result in hundreds of job losses, will be carried out through a CVA. Mothercare employs about 3,000 people across 137 outlets.
In a bizarre move, Mark Newton Jones, who was sacked last month, will return to the fold and once again take the role of CEO. The man that had been brought in to replace him, David Wood, will now become managing director.
As part of the restructuring, Mothercare also announced a refinancing package worth up to £113.5m. It comprises £28m through an equity capital raising, an extension of its existing debt to £67.5m, £18m in shareholder and trade partner loans.