May 24, 2018

Mothercare 'set to rehire boss and close 50 stores'

17 May 2018, 03:49 | Sandy Nunez

Mothercare has stores in Newtownabbey Lisburn Newry Bangor and Londonderry

Mothercare has stores in Newtownabbey Lisburn Newry Bangor and Londonderry

The UK restructuring measure will see Mothercare exit from 50 stores by June 2019 to achieve a targeted estate of 78 stores by 2020.

In what has been a bad year for bricks and mortar retails, so far this in 2018 Toys R Us announced plan to close a further 75 stores in the UK; Carpetright said that it will close 92 of its 400 shops; Prezzo pizza confirmed that it will shut 94 of its 300 restaurants, putting around 500 jobs at risk, and Marks & Spencer announced that 14 stores would close.

Shares in Mothercare were up 4.8 pence at 26.6 pence at 0832 GMT, valuing the business at 46 million pounds.

He added: "The potential for the Mothercare brand in the United Kingdom, benefitting from a restructured store estate, and internationally remains significant".

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.

The firm now trades from 137 United Kingdom stores, having had almost 400 a decade ago.

Gianluigi Buffon to play final game for Juventus on Saturday
Since joining Juventus from Parma in 2001, Buffon has won nine Serie A titles, five Italian Super Cups and four Italian Cups with the Bianconeri .

The shake-up aimed at restoring the fortunes of the chain are likely to result in hundreds of job losses.

The struggling retailer has also agreed a rent cut with landlords for 21 of its stores. Previous year it recorded a small operating profit after savings made from the closures of its Blackrock and Jervis Street stores in Dublin and the Cruises Street shop in Limerick.

"These comprehensive measures provide a renewed and stable financial structure for the business and will drive a step change in Mothercare's transformation".

Clive Whiley, Mothercare's interim executive chairman, said: "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".

It comprises £28 million through an equity capital raising, an extension of its existing debt to £67.5 million, £18 million in shareholder and trade partner loans.

Other News

Trending Now

Ford resuming F-150, Super Duty production on Monday
The plant, which employs about 8,100 hourly workers in all, has continued to make Ford Expedition and Lincoln Navigator SUVs. Ford stopped making the big pickup trucks at KTP on May 5 following a fire at a supplier plant in MI .

US Senates get enough votes to progress on net neutrality
A democratic MA senator introduced an effort to preserve neutrality, and it passed the senate floor with a 52 to 47 vote. Still, Democrats are already using their messaging in campaign material.

Ebola spreads to urban areas in Congo, 23 dead so far
The vaccine, from US -based pharmaceutical firm Merck, is unlicensed but has been shown to be highly effective against Ebola. It involves vaccinating voluntary contacts, contacts of those contacts and health care and other front-line workers.

"Ten Children Rescued from Horrible Living Conditions" from Fairfield, CA Police Department
Rogers told reporters that the "squalor" mentioned by police came from her tearing the house apart while searching for her child. She denied Monday her husband had abused the children. "I want the police to know that I am not an animal", Allen said.

Tencent Revenue Growth Strong, But Adjusted Earnings Miss
That's partly thanks to a one-time gain of nearly 7.6 billion yuan from its investments in arenas like video and news. The first is called "PlayerUnknown's Battlegrounds" or PUBG, which is a massive multiplayer online game.

Embattled Ovie Omo-Agege resumes at Senate's plenary
Aside the Senate and Saraki, the Attorney General of the Federation and Minister of Justice, Mr. He said the court only made consequential orders under the omnibus prayer.

Cauvery water dispute: DMK working president MK Stalin slams draft scheme
The CMB would be headquartered in Delhi while the office of the regulatory authority would be in Bengaluru. The Centre had faced severe flak from political parties in Tamil Nadu for missing its six-week deadline.

John Legend, Chrissy Teigen welcome baby no. 2
However, the couple have also been concerned about how well their daughter Luna, two, would adapt to having a sibling. American Singer John Legend and his wife Chrissy Teigen have welcomed their second child, a baby boy, together.

Marvel Avengers OnePlus 6 is here and it looks fantastic
Sale of OnePlus 6 will begin in India from May 21 for customers who have subscribed to Amazon Prime and from May 22 otherwise. There are two other configurations that come with 8GB of RAM with 128GB and 8GB of RAM with 256GB of storage .

Cyclists ride in silence to remember
Despite the rain, 200-300 bicyclists showed up for this year's Ride of Silence through the streets of Center City. Ride of Silence is a national event and bike shops across the USA conduct rides at the same time.