Markets

Mothercare to close 50 stores putting Kent jobs at risk

Mothercare to close 50 stores putting Kent jobs at risk

The child and baby care retailer has also secured £113.5mln in financing, while it is bringing back its former chief executive who left in the wake of March's profit warning.

Since January, Toys R Us and Maplin have filed for administration, while fashion retailers such as New Look and Select have embarked on store closure programmes.

"However, if all struggling retailers start taking this route, it could make matters worse for the ailing High Street - with more shoppers moving online and creating more empty stores".

A revised £67.5mln debt facility will be available immediately, although its lender will pull the plug if the CVA isn't given the green light. It also has signed a GBP10 million new debtor backed facility with one of the company's trade partners.

The rest of the funding will come from a £28mln share placing, which is also contingent on the creditors', and shareholders', approval.

Mothercare confirms 50 closures in rescue plan

Mothercare's shares had lost 83 percent of their value over the previous year but rose as much as 34 percent on Thursday after the firm detailed a 113.5 million pounds refinancing, including a 28 million pounds equity raise, and said Mark Newton-Jones would return as CEO. The decision to show him the door had been made under the watch of chairman Alan Parker, who has since stepped down.

Mr Jones was replaced by David Wood, who will now become managing director.

"Commenting on today's refinancing and United Kingdom restructuring, Clive Whiley, the Company's Interim Executive Chairman, said in a statement: "‎The recent financial performance of the business, impacted in particular by a large number of legacy loss making stores within the United Kingdom estate, has resulted in an unsustainable situation for the Mothercare brand, meaning the Group was in clear need of an appropriate resolution.

Earlier this week it said it was "finalising a comprehensive restructuring and refinancing package to put the business on a stable and sustainable financial footing".

Putting media speculations to rest, Mothercare has confirmed measures to refinance its business and restructuring of its United Kingdom store portfolio.

Russia, Iran to continue cooperation on nuclear deal - Foreign Ministry
He said: "Any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned by the United States". In a tweet on Sunday, Trump wrote: "Remember how badly Iran was behaving with the Iran Deal in place".


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